Abstract The reaction of 2,3‐allenoates and aldehydes in the presence of an alkoxide affords alkyl 4,5‐diaryl‐3‐oxo‐2‐propylpent‐4(E)‐enoates and cis‐3,4‐diaryloxetanes through a formal CO and CC metathesis. A mechanism for this reaction has been proposed.