Private equity firm Apollo Global Management LLC (APO.N) is in advanced negotiations to acquire aluminum products maker Arconic Inc (ARNC.N) for more than $11 billion, people familiar with the matter said on Tuesday.

Apollo could reach a deal with Arconic as early as next week after a competing buyout consortium comprising Blackstone Group LP (BX.N), Carlyle Group LP (CG.O), Onex Corp (ONEX.TO) and Canada Pension Plan Investment Board indicated it may need three more weeks to complete due diligence on the company, the sources said.

Apollo’s offer currently stands at around $23 per share, though negotiations are ongoing and the price could change or deal talks could end unsuccessfully, added the sources, who asked not to be identified because the matter is confidential.

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