Arconic To Sell 60% Of Its Alcoa Shares For Proceeds Of About $890 Mln

Arconic Inc. , which recently split from Alcoa Inc. , said Wednesday it has sold 60% of the 36.3 million shares it retained in Alcoa for proceeds of about $890 million. The company will use the proceeds to bolster its cash balance, giving it the flexibility to pay down debt and/or buy back its own shares. Arconic said it has carryforward tax attributes in the U.S. that are available to offset U.S. taxable income, and it will use those tax attributes to the extent possible. Alcoa shares were down 0.9% premarket, but have gained 124% in the last 12 months, while the S&P 500 has gained 25%.