HUTCHINSON, Kan. — Just a day after it appeared that Arconic had a buyer for its company, an announcement came that they have abandoned any sell off to Apollo Global Management. It was a proposed deal worth an estimated $10 billion.

According to the Wall Street Journal, the company said it won’t sell after a months long auction process for the embattled spin off company of Alcoa.

The news came as a surprise to Apollo, which had teamed up with activist hedge fund Elliott Management Corp. on the deal, according to people familiar with the matter. Both firms learned of the board’s decision not to pursue the transaction when Arconic issued a press release Tuesday morning. A major sticking point came with underfunded pension payments to its employees which was enough to stop the deal according to an article in Financial Times.

Arconic employs about 75 workers at its metals finishing plant here in Hutchinson.