|Day's Range||13.20 - 13.20|
Sachem Head Capital Management has amassed a stake in Arconic Corp and has been pushing the U.S. aluminum sheet maker to go through with a process it has launched to sell itself, according to people familiar with the matter. Arconic has been in talks with private equity firms, including Apollo Global Management Inc, about selling itself, the sources said, at a time when securing debt financing for leveraged buyouts has become challenging following this month's jitters in the banking sector. Apollo has so far indicated it is willing to pay $27 to $28 per share for Arconic, one of the sources said, close to where Arconic's shares are trading currently.
(Bloomberg) -- Apollo Global Management Inc. is considering bidding as much as $2.78 billion for equipment and parts manufacturer Arconic Corp., according to a person familiar with the matter.Most Read from BloombergTrump Faces Fingerprints, Mug Shot After Dramatic IndictmentSingapore’s Changi Airport Warns of Delays Due to System Issues$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot Market$52 Billion Chipmaking Plan Is Racing Toward FailureA $3 Trillion Threat to Global Financial Market
Continued recovery in the commercial aerospace end market and easing supply chain disruptions augur well for Howmet's (HWM) growth.