Private equity firm Apollo Global Management Inc is exploring a takeover of German plastics maker Covestro AG, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
The New York-based buyout firm, led by billionaire Leon Black, reached out to Covestro in recent weeks, the report said.
The talks are at an early stage and there is no certainty they will result in a deal, according to the report.
Apollo and Covestro did not immediately respond to Reuters requests for comment.
The plastics maker had a market value of 8.14 billion euros ($9.64 billion) as of Thursday’s market close, according to Refinitiv Eikon.
Source: Reuters.com