Apollo Global Management is conducting its interviews of banks for the initial public offering of Constellium, a company that makes aluminium products for the transportation and aerospace industry. This was confirmed by two sources on condition of anonymity.
51% of Constellium is owned by Apollo, while 39% is owned by metal and minings company from Brazil, Rio Tinto and 10% is owned by FSI, a French investment fund. Constellium was established after Rio Tinto bought out Canadian aluminium producer Alcan Inc for US$38 billion. After divesting Alcan's engineered products division in 2011, the company was renamed Constellium.
The company earns Eur3.6 billion in revenues annually, while employing 9,000 individuals. Amongst its clients are Audi AG, BMW, Boeing Co, Bombardier Inc. , Fiat SpA and Lockheed Martin.
When sought for comment, Constellium and Rio Tinto could not be reached while Apollo Global Management declined to make any comment on the matter.
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