Apollo To Yield Majority In Aluminum Co. With Share Sale
Law360, New York (March 14, 2012, 1:49 PM EDT) -- A Tennessee aluminum manufacturer said Wednesday that majority stakeholder Apollo Management LP plans to sell 10 million shares of the company in a secondary public offering, giving up majority control of the company in the process.
Noranda Aluminum Holding Corp., a Franklin, Tenn.-based company that makes primarily aluminum products and rolled aluminum coils, said Apollo had also granted the underwriter of the sale, UBS AG, the option to purchase up to 1.5 million additional shares of Noranda common stock.
Once the transaction closes, Apollo will own less than 50 percent of Noranda stock and the aluminum maker will no longer be...
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