ARNC - Arconic gains amid report on takeover interest from PE firms

2023-03-29 12:25:15 ET

Arconic ( NYSE: ARNC ) rose 1.6% amid a report that private equity firms Carlyle Group ( CG ) and Lone Star Funds have joined Apollo Global ( APO ) in the sales process for the company.

At least two other parties are also in the sales process for Arconic ( ARNC ), according to a Dealreporter item, which cited sources familiar. Apollo ( APO ) appears to be ahead of the other bidders and is looking for other bidders to submit offers over the next month.

The latest item comes after the WSJ last month reported that Apollo Global ( APO ) was is in discussions to purchase the aerospace-parts make , driving the shares up almost 20% on Feb. 28. Apollo ( APO ) submitted the offer last month and has debt financing in place, according to the WSJ report.

The potential Arconic ( ARNC ) deal comes after media reports in 2018 that Apollo (APO ) was in talks to buy Arconic for more than $11 billion. The deal never came to fruition and Arconic in 2020 s plit itself into two companies , Arconic and Howmet Aerospace ( HWM ).

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