Arconic shares slide 27% premarket after company says no longer pursuing a sale

Arconic Inc. shares slid 27% in premarket trade Tuesday, after the maker of steel products for the car and aerospace industries said it is no longer pursuing a sale of the company. Media reports in early January said Apollo Global Management LLC was gearing up to make a bid for the company by mid-January. "Together with management, we have been conducting a rigorous and comprehensive strategy and portfolio review over the past year and as part of that process considered a sale of the company, among other matters," Chairman John Plant said in a statement. "However, we did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic's shareholders and other stakeholders." The company will continue with the previously announced plan to sell its building and construction business, and will focus on other operational improvements and initiatives identified as part of a strategic review. Shares are down 33% in the last 12 months through Friday, while the S&P 500 has fallen 5.7%.

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