Arconic shares jump on report company is in talks to sell itself

Shares of Arconic Inc. rose more than 4% with minutes to go before the end of the trading session after a Reuters report said the aluminum maker was putting itself on the auction block. Arconic, which was spun out of Alcoa Corp. in 2016, had announced it was selling its building and construction unit last month, and earlier this year announced a "strategy and portfolio review." Arconic is in talks with private-equity firms including Blackstone LP and Carlyle Group LP, according to the report, which cited people familiar with the matter. The Wall Street Journal reported in July also citing anonymous sources that Arconic was weighing takeover approaches from private-equity groups. The groups indicated then a willingness to pay mid-$20s per share for the company. Arconic ended Friday up 4.5% at $22.19.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails.