News

Jun 16, 2023

Apollo Global in talks to acquire aluminum products maker Arconic

Feb 28 (Reuters) - Private-equity firm Apollo Global Management Inc is in talks

Feb 28 (Reuters) - Private-equity firm Apollo Global Management Inc is in talks to acquire U.S. aluminum products maker Arconic Corp (ARNC.N), the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Shares of Arconic were up 19.8% at $26.50 in afternoon trade. The company, which makes parts for the aerospace, automotive, building and energy industries, had a market value of about $2.2 billion, according to the stock's last close.

The report said Apollo submitted a bid in February and has debt financing in place, but did not include the financial details of the deal. It also added that Arconic's advisers have reached out to other potential buyers.

"As a matter of practice, we do not comment on market rumors or speculation," Arconic said in an emailed statement to Reuters.

Arconic had rebuffed an almost $10 billion deal proposed by Apollo in 2018. The private equity firm had offered to pay between $21 and $22 per share.

Apollo Global did not immediately respond to a Reuters request for comment.

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