Arconic said on Friday it would split into two companies and slashed its quarterly dividend by two-thirds, just weeks after the U.S. aluminum products maker spurned a buyout offer from Apollo Global Management.
The company, formed following a split of Aloca Corp in 2016, plans to spin off one of its core divisions later.
Arconic has been under pressure from its biggest shareholder Elliott Management Corp to sell itself and Apollo’s offer last month could have valued the company at about $17 billion.
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