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Alcoa Selling Divisions

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Alcoa

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said it will sell its packaging and consumer businesses by next year.

The New York-based smelter, which earlier this year was rebuffed in an unsolicited bid to acquire rival

Alcan

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, said it is also near a definitive agreement to sell its automotive castings business and should close that transaction by the end of the year.

Alcoa said it expects to take $845 million in restructuring charges to cover costs tied to the transactions.

Alcoa has sold or closed a number of businesses this year as activist investors pressure the company to slim down and improve shareholder returns.

Shares rose 39 cents to $38.05.