An agreement could be in the cards as soon as next month, analysts and sources closely following the situation told AMM.
Apollo has emerged as the favorite to acquire the assets, which include the Ravenswood rolled products business in West Virginia and the Issoire and Neuf Brisach mills in France. A Rio Tinto Alcan spokesman confirmed that the "transaction process is ongoing" for its rolled products division but declined to comment further.
If Apollo is successful, the deal would be the largest addition yet to its burgeoning portfolio of metals-related businesses. In aluminum, the fund already owns Noranda Aluminum Holding Corp., which has alumina refining, smelting and rolled product assets, and is heavily involved in Aleris International Inc.
It remains unclear whether Apollo?the major holder of Aleris' debt?will emerge as the Beachwood, Ohio-based company's new owner, but given its existing metal assets, many expect that it could eventually take control....