Arconic to split after rejecting $17B bid
February 11, 2019- Share:
After rejecting a bid from Apollo Global Management last month that would have reportedly valued the company at about $17 billion, New York-based Arconic has announced it will split into two divisions and reduce its quarterly dividend by two-thirds. One of the new divisions will focus on engineered products & forgings and the other on global rolled products, with Arconic set to explore potential sales of businesses that don't line up with new units. Shares in Arconic (NYSE: ARNC) were down more than 4% on Friday.
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