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Report: Apollo could reach buyout deal with Arconic soon

Apollo Global Management LLC is likely to reach a deal to acquire aerospace manufacturer Arconic Inc. by the middle of January, Bloomberg News reported, citing people with knowledge of the matter.

The private equity giant, which was earlier reported to have emerged as the leading bidder, reportedly offered to buy Arconic for about $22 per share. The final price, however, is still under discussion, the sources told the news outlet. One source said obtaining financing and continued volatility of the stock market could prevent the parties from reaching a deal.

As part of the proposed Apollo deal, Arconic would spin off its cladding operations, and hedge fund Elliott Management Corp. would roll over its 10.7% stake in the company. The cladding unit, in which Elliott plans to buy a majority stake, would be recapitalized and insured as part of the spinoff.

The cladding business manufactured the aluminum panels used on London's Grenfell Tower, which caught fire leaving at least 80 people dead in 2017. The spinoff would protect Apollo from any liabilities the business could incur as a result of the fire.