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Arconic sheds Alcoa stake through debt-for-equity swap
April 26, 2017 / 10:06 PM / 7 months ago

Arconic sheds Alcoa stake through debt-for-equity swap

(Reuters) - Specialty metals maker Arconic Inc (ARNC.N) said on Wednesday it would exit its stake in Alcoa Corp (AA.N) through a debt-for-equity swap with two of its creditors.

Arconic said it would exchange the nearly 13 million Alcoa shares it owns for debt held by Citigroup Global Markets Inc and Credit Suisse Securities (USA) LLC.

Reporting by Pallavi Dewan in Bengaluru; Editing by Martina D'Couto

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