On Thursday Alcoa, a Dow Jones industrial average component, said it expected to take a $845 million charge as it closes in on the sale of both businesses. The company also said it planned to restructure its electronics unit in the Americas and Europe.

Alcoa has been restructuring its portfolio to help it focus on new growth opportunities, having sold its nearly 7 percent stake in China's largest aluminum maker, Aluminum Corp. of China Ltd.

Citigroup analyst John H. Hill said these actions set the stage for a buyback or an acquisition, perhaps of Australia's Alumina Ltd.

Hill also said Alcoa may be more attractive to a suitor looking to make an acquisition, given Alcoa's global franchise and growth potential, among other factors.

But Hill wondered about the timing of the announcement, since Alcoa is scheduled to release third-quarter financials on Tuesday.

"Although we regard the announcement as an unequivocal positive, the timing just days ahead of third-quarter earnings could be an attempt to front-run a weak result," Hill wrote in a client note.

Bear Stearns analyst Anthony B. Rizzuto Jr. said he remained "impressed with the pace and magnitude" of Alcoa's restructuring efforts and believes it would make sense for the company to repurchase shares.