Apollo cutting Noranda stake to 34 percent
Mar 12, 2014 | 02:47 AM
| Michael Cowden
CHICAGO Apollo Global Management LLC plans to slash its ownership stake in Noranda Aluminum Holding Corp. to 34 percent from 48 percent.
Franklin, Tenn.-based Noranda said in a statement March 11 that it plans a secondary public offering of 10 million shares of common stock held by funds affiliated with the New York-based private equity firm.
The move will reduce Apollos holding in Noranda to about 23 million shares from approximately 33 million shares, a Noranda spokesman told AMM. "They are still a significant shareholder, and it doesnt change the number of board seats that they have."
The spokesman didnt say what might have prompted Apollo, which took Noranda public in 2010 (amm.com, May 13, 2010), to shed the shares. "They are a private equity firm, so they wouldnt be around forever," he said.....
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