Apollo Agrees to Take Over Arconic for About $3 Billion
- Aluminum-products maker’s sales declined in first quarter
- Arconic shares surge on deal agreement after market opens
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Apollo Global Management Inc. agreed to acquire aluminum-products company Arconic Corp. for about $3 billion.
The buyout firm will pay $30 a share for the Pittsburgh-based company, according to a statement Thursday. That’s a premium of 36% to the closing price on Feb. 27, before the Apollo interest was reported.