Shares in Arconic Inc. moved higher following a report that several private equity firms have formed an alliance in a bid to acquire the U.S. aluminum products maker.

The consortium includes Blackstone Group LP, Carlyle Group LP, Onex Corp. and Canada Pension Plan Investment Board, Reuters reported, citing sources familiar with the matter.

Arconic will make a decision on a potential sale later in October, according to the report's sources, who cautioned that a deal is not certain.

The sources added that other buyout firms such as Apollo Global Management LLC are still competing with the reported consortium for the Arconic takeover.

Arconic said in July that it had initiated a sale process for its building and construction systems business as part of an ongoing strategy and portfolio review that was expected to be completed in the third quarter.

In August, Arconic was reportedly speaking with a consortium of Blackstone and Carlyle, another group of KKR & Co. and Onex, as well as Apollo Global Management.

Arconic's stock was up 3.94% as of 9:48 a.m. ET, trading at $22.70 per share.