Aluminum products maker Arconic Inc. (ARNC) - Get Report closed trading up 4.5% Friday after Reuters reported that the company has expanded the scope of its potential sale to include the whole company just weeks after it put its building and construction unit up for sale.
Arconic has been discussing the sale of the company with a consortium consisting of Blackstone Group LP and Carlyle Group LP, another consortium of KKR & Co and Onex Corp, as well as Apollo Global Management LLC, according to Reuters.
Activist hedge fund Elliott Management, which won board representation at the company last year, has been pushing for a sale, but there are concerns among private equity firms that the company's asking price is to high, Reuters reported.
Higher aluminum prices thanks in part to the ongoing trade war between the United States and China slashed the company's operating profit by $20 million in the second quarter.
This article was written by a staff member of TheStreet.