Brooke Sutherland, Columnist

Elliott and Arconic Are Now in It Together

Improving operations won't be easy even with a refreshed board and new CEO.

May 22, 2017 at 6:54 PM UTC

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

1495480685_309367599_1-5 — Photographer: Luke Sharrett/Bloomberg

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The bitter boardroom battle at Arconic Inc. is over and Elliott Management Corp. is walking away with a victory. Now comes the hard part.

The $12 billion metal parts maker on Monday said it had reached a settlement with the activist investor over its push for a new CEO and refreshed board to correct operational deficiencies. The agreement allows Arconic to avoid what was likely to be a defeat at a shareholder vote scheduled for later this week after influential proxy advisory firms largely sided with Elliott.