Howmet falls after GE Aerospace agrees to buy CPP for nearly $12 billion

General Electric

Tue 14:57

** Shares of aircraft parts maker Howmet Aerospace HWM.N down 5.3% after GE Aerospace GE.N agrees to buy castings manufacturer Consolidated Precision Products 
** Engine maker GE agrees to buy CPP from investment firms Warburg Pincus and Berkshire Partners for $11.75 billion
** Deal comes a few days after SpaceX SPCX.O CEO Elon Musk touted the company's ambitions to start in-house casting of gas turbine blades and vanes
** GE could gain greater control over a key source of precision castings used in jet engines
** Median PT of 24 brokerages covering GE is $400, while median PT of 23 brokerages covering HWM is $335 - data compiled by LSEG
** YTD as of last close, GE up 5% and HWM up 22%

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com))