South Korea's Samsung C&T and the country's state-run oil firm are close to buying U.S. oil and gas company Parallel Petroleum from private equity group Apollo Global Management LLC, two sources close to the deal told Reuters. Samsung C&T has been in talks for months with Apollo about the takeover, which media reports said in August would be worth about $920 million.One of the sources said Samsung would own 90 percent of the firm and state-run Korea National Oil Corp (KNOC) would take the remaining 10 percent, and that the deal was likely to come this week at the earliest.The sources, who were not authorised to speak publicly on the deal, declined to reveal the value of the transaction.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO traded higher by 4.14% or $0.48/share to $12.08. In the past year, the shares have traded as low as $8.85 and as high as $19.00. On average, 264427 shares of APO exchange hands on a given day and today's volume is recorded at 135941.
