February 15, 2017 / 1:32 PM / 10 months ago

Arconic sells 60 pct of its stake in Alcoa for $890 mln

Feb 15 (Reuters) - Arconic Inc said on Wednesday it had sold more than 60 percent of its stake in Alcoa Corp about $890 million.

Alcoa Inc split into two companies in November, spinning off Alcoa Corp, which houses the parent company’s traditional smelting and refining businesses.

Arconic, the renamed Alcoa Inc, focuses on engineering products for aerospace and automotive segments.

Arconic said its sold 23.4 million of the 36.3 million shares it had retained in Alcoa after the split.

Arconic’s previous stake of nearly 20 percent in Alcoa had made it the company’s biggest shareholder as of Feb. 3, according to Thomson Reuters data. (Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D‘Souza)

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