Arconic chops Alcoa stake via jumbo block

摘要

Arconic sold a US$893.1m stake in aluminium producer ALCOA via one of the largest unregistered block trades of recent years, capitalising on the latter's share price surge since last year's separation of the two companies. Arconic, which has come under rising activist shareholder pressure, asked five banks to participate in an auction before appointing Morgan Stanley to sell nearly two-thirds of the 19.9% Alcoa stake.