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Apollo said to weigh deal for $10 billion plastics firm Covestro: Bloomberg News

FILE PHOTO: Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. May 1, 2018. REUTERS/Lucy Nicholson

(Reuters) - Private equity firm Apollo Global Management Inc APO.N is exploring a takeover of German plastics maker Covestro AG 1COV.DE, Bloomberg News reported here on Thursday, citing people with knowledge of the matter.

The New York-based buyout firm, led by billionaire Leon Black, reached out to Covestro in recent weeks, the report said.

The talks are at an early stage and there is no certainty they will result in a deal, according to the report.

Apollo and Covestro did not immediately respond to Reuters requests for comment.

The plastics maker had a market value of 8.14 billion euros ($9.64 billion) as of Thursday’s market close, according to Refinitiv Eikon.

Reporting by Shradha Singh in Bengaluru; Editing by Aditya Soni

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