APO - Apollo Global Management, LLC

NYSE - NYSE Delayed Price. Currency in USD
+0.92 (+2.69%)
At close: 4:00PM EDT

35.15 0.00 (0.00%)
After hours: 4:48PM EDT

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Previous Close34.23
Bid33.97 x 1100
Ask34.79 x 800
Day's Range33.79 - 35.15
52 Week Range22.63 - 36.49
Avg. Volume1,295,217
Market Cap14.158B
Beta (3Y Monthly)1.86
PE Ratio (TTM)49.72
EPS (TTM)0.71
Earnings DateJul 31, 2019
Forward Dividend & Yield1.91 (5.58%)
Ex-Dividend Date2019-05-20
1y Target Est41.08
Trade prices are not sourced from all markets
  • Reuters4 days ago

    Exclusive: Apollo Global makes offer for France's Coface - sources

    The potential deal would allow Natixis, owned by French cooperative lender BPCE, to cash out on its remaining 42 percent stake in Coface following an initial public offering of the company in 2014. The deal talks between Apollo and Coface are at an early stage, and there is no certainty they will result in an agreement, the sources said, asking not to be identified because the matter is confidential. Coface did not immediately respond to a request for comment, while Apollo declined to comment.

  • LM vs. APO: Which Stock Is the Better Value Option?
    Zacks6 days ago

    LM vs. APO: Which Stock Is the Better Value Option?

    LM vs. APO: Which Stock Is the Better Value Option?

  • Invest in a Slice of Chuck E. Cheese Before July 30 Meeting for Growth at a Discount
    IPO-Edge.com6 days ago

    Invest in a Slice of Chuck E. Cheese Before July 30 Meeting for Growth at a Discount

    By John Jannarone What’s virtually immune to the economy, technological change, and the Amazon effect? The need to get children out of the house every now and then. Perhaps the best way to bet on that phenomenon is investing in Chuck E. Cheese, a children’s entertainment destination and restaurant founded in 1977 whose prospects are […]

  • Financial Times8 days ago

    Bermuda court orders halt to US lawsuit against Apollo

    A Bermuda court has ordered a halt to a lawsuit filed in New York against Apollo Global Management in a decision that could have implications for investors in foreign-registered companies traded on US stock exchanges. The temporary injunction was obtained by Apollo’s affiliated life insurance company, Athene Holding, which is listed on the New York Stock Exchange but incorporated in the island territory of Bermuda.

  • Rigzone.com8 days ago

    Apollo Weighing Investment in Sanchez Energy Debt

    Apollo Global Management is weighing an investment in oil producer Sanchez Energy Corp.'s debt, according to people with knowledge of the matter.

  • GuruFocus.com9 days ago

    Chuck E Cheese and Market IPOs

    There is a danger the stock markets are transforming into a system offloading risk to the public and becoming an exit vehicle, not a growth vehicle Continue reading...

  • Bloomberg10 days ago

    Apollo to Consider Buying Debt to Control Sanchez Energy

    (Bloomberg) -- Apollo Global Management LLC is weighing an investment in struggling oil producer Sanchez Energy Corp.’s debt, according to people with knowledge of the matter.The New York-based private equity firm is among the potential investors that may buy Sanchez’s debt to take control of the company as part of a restructuring, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The Sanchez family could keep a minority interest under the new shareholding structure, the people said.A spokesman for Apollo declined to comment. Representatives for Houston-based Sanchez didn’t respond to requests for comment.Sanchez has a debt load of about $2.4 billion, according to its most recent quarterly filing. It warned in its annual report that it may have to file for bankruptcy. Any restructuring is likely to be complicated by the number of assets that are beyond the reach of the company’s creditors.Comanche, Sanchez’s joint venture with Blackstone Group Inc., is held in an unrestricted subsidiary, while several pipeline assets have been sold to Sanchez midstream.Shares of Sanchez have fallen 98% in the past year, giving the company a market value of about $9.8 million.Sanchez, formed in 2011, is run by Chief Executive Officer Tony Sanchez III. Other family members in senior leadership positions include Patricio Sanchez.Apollo’s energy assets include Caelus Energy Alaska and Chisholm Oil & Gas LLC, according to its website.\--With assistance from Ryan Collins and Allison McNeely.To contact the reporter on this story: Kiel Porter in Chicago at kporter17@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Josh FriedmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg13 days ago

    Leon Black Foundation Disputes Jeffrey Epstein's Role After 2008 Plea

    (Bloomberg) -- Jeffrey Epstein resigned 12 years ago as a director of Leon Black’s family foundation, a spokeswoman for the organization said Wednesday, following published reports that the financier remained involved for years after his conviction as a sex offender.“Jeffrey Epstein resigned in July 2007 at the family’s request from the Leon Black Family Foundation and has not been affiliated with or performed any duties for the Foundation since that date,” a spokeswoman for the private equity executive’s foundation said in an emailed statement. “Due to a recording error, Mr. Epstein’s name mistakenly appeared on Foundation 990 Forms from 2008-2012, after which the inaccuracy was discovered and corrected.”The mistake was first noticed in 2013, the spokeswoman said, declining further comment. The New York Post reported earlier Wednesday that Black, co-founder of Apollo Global Management LLC, kept Epstein as a director of his family foundation until 2012, four years after he pleaded guilty to two counts of soliciting a prostitute in Florida and served 13 months in prison. Epstein’s name appeared on annual disclosure forms filed with the federal government from 2001 to 2012.Epstein also was among guests at a pool party held at Black’s Hamptons estate in 2015, according to the report, which cited an unidentified person who attended. Black, who helped start Apollo in 1990 and serves as its chief executive officer, is also chairman of New York’s Museum of Modern Art. He has a net worth of $6.5 billion, according to the Bloomberg Billionaires Index.Epstein, 66, was arrested July 6 by federal authorities on charges of sexual trafficking after flying from Paris to a New Jersey airport on his private jet. On Monday, he pleaded not guilty in a Manhattan court and remains in jail pending a bail hearing. The charges, which include sex acts with girls as young as 14, carry a minimum of 10 years in prison if he’s convicted.To contact the reporter on this story: Suzanne Woolley in New York at swoolley2@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times13 days ago

    Epstein’s ties to Wall Street elite revealed in filing

    Jeffrey Epstein’s wealth has long been a mystery, and there are few records about his privately held firm, the inscrutably named Financial Trust Company. In July 2011, Financial Trust revealed a 6.1 per cent stake in Environmental Solutions Worldwide, a Pennsylvania manufacturer of catalytic converters and filters for diesel engines that was backed by Mr Black and counted Apollo executives as board members. In all the years that Mr Epstein has managed money, purportedly only for billionaires, the filing by Financial Trust in 2011 appeared to be the only time the firm triggered that obligation.

  • GlobeNewswire14 days ago

    Apollo Global Management to Announce Second Quarter 2019 Financial Results and Host Conference Call on July 31, 2019

    Apollo Global Management, LLC (APO) (together with its consolidated subsidiaries, “Apollo”) announced today that it plans to release its financial results for the second quarter 2019 on Wednesday, July 31, 2019, before the opening of trading on the New York Stock Exchange. Following the call a replay of the event may be accessed either telephonically or via audio webcast. To access the audio webcast, please visit Events and Presentations in the Shareholders section of Apollo’s website at www.apollo.com.

  • Bain Emerges as Leading Bidder for WPP's Kantar Unit
    Bloomberg21 days ago

    Bain Emerges as Leading Bidder for WPP's Kantar Unit

    (Bloomberg) -- Bain Capital is in exclusive talks to buy a majority stake in WPP Plc’s Kantar unit in a deal valuing the market-research business at about $4 billion including debt.The buyout firm’s proposal is subject to negotiation and there’s no guarantee that talks will result in a deal, WPP said in a statement on Monday, which confirmed an earlier Bloomberg News report. The company was competing against Apollo Global Management, Platinum Equity and Vista Equity Partners in the final round of bidding, people familiar with the auction said previously.The Kantar sale is part of WPP Chief Executive Officer Mark Read’s push to cut debt and simplify the global ad agency network after ditching his predecessor Martin Sorrell’s acquisition-fueled growth strategy.The price being discussed appears to be in line with expectations and the exclusive talks should give confidence that a deal will be completed, allowing WPP to significantly reduce debt, Liberum analysts led by Ian Whittaker wrote in a research note.WPP shares were up 0.3% as of 8:09 a.m. in London on Tuesday. The stock is up 20% so far this year.Read is focusing on improving WPP’s digital marketing skills after losing work with some key consumer goods clients. The owner of agencies including Ogilvy and Wunderman Thompson has struggled with the shift to online marketing and faces a growing threat from Facebook Inc. and Alphabet Inc.’s Google.Sorrell had strongly advocated keeping Kantar, which analysts say has underperformed the rest of WPP in recent years. The bidders are comfortable with Kantar’s basic business model and want to speed up its delivery of data and services and add more digital activities, its CEO Eric Salama said in an interview last month.Read has said he’d like to keep a 25% to 40% stake and will use some of the proceeds to offset earnings dilution.Click here to read more about WPP’s last financial results.WPP also said Monday it was selling its 25% stake in sports-marketing agency Chime Communications Ltd. to majority shareholder Providence for 54.4 million pounds ($68.8 million).Bain is working with Credit Suisse Group AG and London-based boutique advisory firm Canson Capital Partners. Goldman Sachs Group Inc. and Ardea Partners are advising WPP on the sale. (Adds analyst comment in fourth paragraph.)\--With assistance from Joe Mayes, David Hellier, Liana Baker and Ruth David.To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Sarah Syed in London at ssyed35@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Thomas Pfeiffer, Rebecca PentyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswire22 days ago

    CEC Entertainment, Inc. Announces Preliminary Unaudited Comparable Venue Sales Results For The Second Quarter And Year-To-Date 2019

    IRVING, Texas, July 1, 2019 /PRNewswire/ -- CEC Entertainment, Inc. ("CEC" or the "Company"), a nationally recognized leader in family entertainment and dining, today announced preliminary unaudited comparable venue sales results for its second quarter and year-to-date periods ended June 30, 2019.

  • Barrons.com24 days ago

    Carnival Stock Is Headed for Smoother Sailing

    After hitting the rocks on reduced 2019 financial guidance, stock in cruise-line operator Carnival now looks like a bargain. The shares are cheap and the company has the best balance sheet in the industry.

  • Moody's25 days ago

    Cox Enterprises, Inc. -- Moody's says that Cox Enterprises' agreement to sell its remaining Cox Media Group assets may be credit neutral depending on use of sale proceeds

    Moody's Investors Service (Moody's) said that Cox Enterprises, Inc.'s ("CEI") (Baa2 senior unsecured) announcement that it has reached an agreement with Apollo Funds managed by affiliates of Apollo Global Management, LLC ("Apollo") to buy CEI's Cox Media Group's radio station portfolio and CoxReps and Gamut advertising businesses may be credit neutral, but that conclusion depends upon the amount and use of the transaction cash proceeds. Apollo will combine these assets with the TV stations and Ohio radio stations and newspapers it agreed to acquire from CEI in February.

  • Bloomberg27 days ago

    Forever 21 Taps Lazard, Kirkland for Restructuring Advice

    (Bloomberg) -- Forever 21 Inc. has added investment bank Lazard Ltd. and law firm Kirkland & Ellis to its roster of advisers as the fashion chain tries to turn itself around, according to people with knowledge of the situation.The retailer is looking for ways to avoid becoming another victim of an industry slump that has seen a series of chains shutter stores or go out of business. A spokeswoman for Forever 21 declined to comment. Representatives for Lazard and Kirkland & Ellis didn’t provide comment.Management has been busy over the past few weeks, holding discussions with lenders including Apollo Global Management LLC and interviewing potential advisers. Forever 21 is exploring financing that would shore up its liquidity and ensure co-founder Do Won Chang maintains control, people with knowledge of the matter said earlier this month.The company, based in Los Angeles, focuses on younger shoppers looking for trendy clothes at affordable prices. Competitors from Hennes & Mauritz AB to Target Corp. to new online sellers have crowded into its niche, weighing on profits. Founded in 1984, Forever 21 now operates more than 800 stores in the U.S., Europe, Asia and Latin America, mainly in the U.S.Any pullback by the company could add to pressure on retail landlords, who are already reeling from rising vacancies as stores have gone bankrupt, sold off outlets or both. This year, Payless Inc. elected to liquidate its North American operations, while Ascena Retail Group Inc. decided to wind down its Dressbarn clothing chain. Shopping centers and Main Streets are pocked with empty storefronts.Forever 21 rents mall space from Macerich Co., Taubman Centers Inc., Simon Property Group Inc. and the Pennsylvania Real Estate Investment Trust, among others, according to filings.(Updates with store information from paragraph 3.)To contact the reporters on this story: Eliza Ronalds-Hannon in New York at eronaldshann@bloomberg.net;Lauren Coleman-Lochner in New York at llochner@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Dan Wilchins, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg27 days ago

    Why Greyhound Bus's Biggest Shareholder Hates British Trains

    (Bloomberg Opinion) -- Coast Capital LP, a New York hedge fund, tried and failed on Tuesday to oust the board of directors of FirstGroup Plc, an under-performing bus and train company whose assets include the Greyhound intercity bus network. Wisely, FirstGroup’s chairman Wolfhart Hauser saw the writing on the wall and resigned anyway, but not before both sides had publicly disparaged the other’s credentials and track record in an unedifying clash of the capitalist classes.In theory, the vote clears a path for the company’s CEO Matthew Gregory to implement his plan to refocus its operations on North America, where margins are better, and to sell Greyhound. Yet 25% of the votes cast supported removing Gregory from his position (other directors fared even worse). It’s telling that the share price has fallen 12% since just before his new strategy was announced last month. The battle over who should lead FirstGroup, and how to win around its long-suffering shareholders, isn’t over.The ritzy venue for Tuesday’s shareholder gathering, the Grand Connaught Rooms in Covent Garden, is a world away from FirstGroup’s humdrum but important activities, which include bus and train services in Britain and yellow school buses and Greyhound coaches in the U.S.The company’s 100,000 employees were doubtless unsettled when the American private equity group Apollo Global Management LLC made an approach last year, which the company rejected. Now FirstGroup’s senior managers and its top shareholder, Coast Capital, say they want to break up the group but they can’t agree on how to do it.The status ​quo is no longer an option. ​In an age of climate change, congestion and aging populations, mass transit should be a money-spinner. In reality, budget airlines have undercut demand for long-distance bus travel and a buoyant labor market has caused driver shortages. Meanwhile, running train franchises in the U.K. is a recipe for trouble because of infrastructure problems, timetable issues and industrial action.The upshot is that FirstGroup is a hodgepodge of assets that consumes lots of capital for little reward. There are few synergies that justify keeping it all together, which explains why it has performed worse than peers such as National Express Group Plc. which exited rail in 2017.Coast Capital didn’t help its own activist cause by calling on the management to buy back shares, sell and lease back assets and restart dividend payments. That all smacked of financial engineering rather than trying to get to the heart of the business’s problems.FirstGroup has good reason to not want to use its cash on investor payouts. It’s saddled with large pension and insurance burdens and 900 million pounds ($1.1 billion) of net debt. Transport contracts are prone to nasty surprises: The company has booked 250 million pounds of provisions on onerous rail contracts over the past two years, which contributed to 400 million pounds of losses. Cash flow is volatile.The hedge fund is on safer ground in calling for a swifter exit from the British rail activities. Gregory, who was finance director before taking the top job last year, has spread confusion by announcing his pivot to the U.S. while still bidding for the U.K.’s West Coast mainline rail franchise. The share price is unlikely to recover much unless it jettisons that British political and regulatory risk. The hard-left Labour Party leader Jeremy Corbyn hopes to re-nationalize the railways should he win power.Selling Greyhound probably won’t deliver too many proceeds, so FirstGroup’s transformation might be a slow one. Shareholders have been waiting long enough already. The company’s shares have fallen 85% since a 2007 peak and are roughly where they were in 2013 when it raised capitalHence Coast Capital’s desire for a clean separation of the U.S. and U.K. businesses is understandable even if pension obligations complicate the picture. If Gregory can’t offer shareholders a brighter and more bankable future than this, Tuesday’s schism won’t be the last.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • GlobeNewswire28 days ago

    West Corporation Announces Rebrand to Intrado

    West Corporation (“West” or the “Company”), a global leader in technology-enabled services, today announced it is rebranding to a new company name, Intrado. The rebranding reflects both the evolution of the Company as well as its vision for the future. Since its founding in 1986, West has consistently adapted and advanced to meet the needs of its clients and ever-changing technology.

  • Bloomberg28 days ago

    How Apollo Salvaged a Grocery Buyout Gone Horribly Wrong

    (Bloomberg) -- Deutsche Bank AG and its co-lenders were staring at tens of millions of dollars in potential losses.The banks -- a who’s who of Wall Street’s top underwriters -- had promised to arrange loans to fund Apollo Global Management LLC’s buyout of discount grocer Smart & Final Stores Inc., which the private-equity firm planned to split in two.But worried about razor-thin margins and intense competition in the industry, many investors had shown little appetite in recent weeks for the riskiest part of the deal -- a $380 million tranche tied to the company’s retail side. If the lenders couldn’t drum up interest, they’d be left on the hook for the financing. Smelling blood in the water, some funds began pitching deeply discounted offers. The banks’ confidence was wavering.Then, a huge order came in. It was from Apollo itself.In a rare move, the firm offered to buy about $100 million of the loan, according to people familiar with the transaction. While the lenders weren’t out of the woods yet, it spared them from having to swallow bigger losses, said the people, asking not to be named because the details are private.Apollo’s decision to put more money on the line underscores how far buyout firms will go to stay on the good side of their bankers, who regularly help them raise billions of dollars to pay for takeovers. It also shows that after years of piling into riskier debt, money managers are growing more hesitant to finance companies that operate in challenging industries and with heavy debt loads as the credit cycle ages.Apollo ultimately had to come up with only about half of the cash it had promised after outside investors bought more of the struggling deal at a final price of 90 cents on the dollar, according to the people. KKR & Co. was the other main anchor investor in the order book, one of the people said.Without Apollo’s help, the banks may have been forced to offer the loan for as little as 80 cents to fully distribute it in the original format, the people said.A spokeswoman for Deutsche Bank, which was the lead underwriter on the financing, declined to comment, as did representatives for Apollo and Smart & Final. Representatives for KKR didn’t respond to requests seeking comment.Breaking EvenIn addition to taking out its checkbook, Apollo agreed to make a number of lender-friendly changes to the structure of the original financing, which also included a $405 million loan linked to Smart & Final’s wholesale division.The size of the loan for the retail unit was ultimately reduced by $40 million, to $340 million. To help make up the difference, the banks involved in the deal bought a separate $20 million chunk that was subordinate to the original loan, the people said. They later sold it back to Apollo at a significant discount.The other $20 million was shifted over to the wholesale-division loan, which grew to $425 million and priced at a discount of just 99 cents on the dollar.Representatives from the six other banks that agreed to underwrite the deal, Bank of Montreal, Royal Bank of Canada, Bank of America Corp., Barclays Plc, Credit Suisse Group AG and UBS Group AG, declined to comment.By the end of the syndication, the banks were left with combined losses of around $10 million for the piece they sold back to Apollo, but were able to roughly break even on the rest of the financing, the people said.The loan tied to Smart & Final’s retail unit was the second to price at such a steep discount in less than three months. The other was a deal backing the buyout of NSO Group -- an Israeli spyware company accused of selling software to governments and agencies linked to human rights abuses. Before then, the last time a loan of similar ranking was offered at such a large discount was back in 2016, when a drop in oil prices roiled debt markets.Earlier this month a group of underwriters led by Deutsche Bank and Barclays struggled to fully syndicate 1.5 billion euros ($1.7 billion) of loans they had agreed to provide Advent International Corp. for the purchase of an Evonik Industries AG plastics division. The banks that put together the financing had to cut the price and agreed among themselves not to distribute any unsold portion of the loan for less than 95% of face value for six months.Apollo has owned Smart & Final once before, selling it to Ares Management Corp. in 2012. In April it bought it back in a deal valued at about $1 billion. But the grocery landscape has shifted dramatically over past few years. Competition across the sector has crimped margins, putting off some investors.Its plan for Smart & Final will separate the wholesale unit, known as Smart Foodservice Warehouse Stores, which primarily serves small businesses such as restaurants, from the more challenged retail unit, which operates grocery stores.Apollo, which is often criticized for its aggressive approach to protecting its equity investments, also owns gourmet grocer Fresh Market Inc., which has come under financial strain and seen the price of its bonds decline amid credit-rating downgrades.(Updates with scope of potential discount in eighth paragraph.)\--With assistance from Lara Wieczezynski.To contact the reporter on this story: Davide Scigliuzzo in New York at dscigliuzzo2@bloomberg.netTo contact the editors responsible for this story: Natalie Harrison at nharrison73@bloomberg.net, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters28 days ago

    UPDATE 1-Carige needs bigger cash injection under latest rescue plan-source

    A rescue plan for ailing Italian Carige funded by rival lenders alongside public and private investors will involve a larger-than-planned capital injection of around 800 million euros, a source with knowledge of the matter said. Carige, weakened by mismanagement and bad loans, was placed under special administration by the European Central Bank on Jan.2 after failing to push through a 400 million euro ($455 million) fundraising. In the meantime, a depositor protection fund financed by Italian banks is studying a rescue plan that involve Carige's shareholders as well as private and public investors.

  • GlobeNewswire29 days ago

    West Telecom Services Expands Flowroute Solution to Deliver International Coverage of Cloud-based, Local and Toll-free Numbers

    West Corporation (“West” or the “Company”), a global leader in technology-enabled services, today announced the international expansion of its Flowroute software-centric carrier capabilities. The Flowroute solution now delivers the most comprehensive availability of international telephone numbers, including cloud-based, local and toll-free inbound numbers, in over 160 countries around the world. Currently, no other company offers this extensive library of available international inbound and toll-free numbers.

  • Reuterslast month

    UPDATE 1-Slovenia sells Abanka to NKBM for 444 mln euros

    Slovenia has sold the country's third largest bank, state-owned Abanka, to No. 2 lender Nova KBM (NKBM) for 444 million euros ($501 million), state privatisation body SDH said on Thursday. Slovenian Sovereign Holding (SDH) said the transaction was expected to be completed by the end of the year, pending necessary approvals. Nova KBM is a unit of U.S. investment fund Apollo Global Management, which owns 80% of the bank, while the European Bank for Reconstruction and Development (EBRD) holds the other 20%.

  • GlobeNewswirelast month

    Smart & Final Stores, Inc. and Funds Managed by Affiliates of Apollo Global Management Announce Successful Completion of Previously Announced Transaction

    Smart & Final Stores, Inc. (SFS) (“Smart & Final”) and First Street Merger Sub, Inc. (the “Purchaser”), an entity controlled by funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager, today announced the successful completion of the previously announced transaction whereby the Purchaser acquired all of the outstanding shares of common stock of Smart & Final. The transaction was effected through a previously announced cash tender offer for all of the outstanding shares of common stock of Smart & Final followed by a merger.

  • Reuterslast month

    Carige buyers should not expect big sacrifices from banks' creditors-Banco BPM CEO

    Any potential bidder for troubled Italian bank Carige should not expect the lenders' creditors to shoulder big losses for their own benefit, the chief of one of Carige's creditor banks said on Thursday. Giuseppe Castagna was answering questions about a rescue bid for Carige that according to sources has been put forward by U.S. private equity fund Apollo Global Management. Castagna did not mention Apollo by name, simply saying Italian banks had received a draft proposal for Carige by an unnamed fund which was still at a very early stage.