Arconic’s shares plunge after it calls off sale plan

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Bloomberg: Arconic Inc. shocked investors today as the board decided not to sell the company, scuttling a potential blockbuster buyout after months of negotiations. The shares plunged as much as 27 percent in early trading after the company said it “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.” Apollo Global Management LLC had been in talks to acquire the aerospace manufacturer in a deal valued at more than $10 billion, Bloomberg News had reported. Arconic, which split from aluminum producer Alcoa Corp. in late 2016, has operations in eastern Iowa.