Apollo Global Management has made an $11bn offer for Arconic.

Apollo Global Management has made an $11bn offer for Arconic, aluminium products maker. Apollo’s offer values Arconic at between $23 and $24 per share. Another bidding group, comprising buyout firms Blackstone Group, Carlyle Group, Onex Corp and Canada Pension Plan Investment Board, has yet to submit an offer for Arconic. The deal would be one of the largest leveraged buyouts of the year. It would come after U.S. President Donald Trump’s imposition of aluminum tariffs this year drove up some costs for Arconic, which makes aluminum components for cars and airplanes.