Apollo Global Management (APO) is in talks to acquire Arconic (ARNC), Lauren Thomas and Laura Cooper of Wall Street Journal report, citing people familiar with the matter. Apollo submitted a bid in February and has debt financing in place, sources told the Journal. Arconic’s advisers have also reached out to other potential acquirers, the people added. Should there be a deal, it would be expected to carry a significant premium, the sources noted. Shares of Arconic jumped 19% to $26.43 following the report.
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