Arconic Sells 60% Stake In Alcoa For About $890 Mln

(RTTNews) - Arconic Inc. (ARNC) announced that it has monetized more than 60 percent of the 36.31 million shares it retained in Alcoa Corporation. The sale of 23.35 million Alcoa shares will result in about $890 million in proceeds.

Arconic noted that the proceeds bolster the Company's cash balance, which provides financial flexibility to pay down debt and/or pursue share repurchases, based on a relative-return assessment.

At the separation of Alcoa Inc., Arconic chose to retain a 19.9 percent stake in Alcoa Corporation. The Company indicated it would review options for responsibly managing the stake, taking into account its continued upside potential.