Apollo deals hinge on activist support

US private equity firm Apollo Management has received the backing of an activist investor in its £1bn (€1.47bn) bid for UK-listed estate agent Countrywide, but may face opposition from another hedge fund in its attempt to buy a French car-parts manufacturer.

Sources close to the situation said Apollo's bid for Countrywide was endorsed by hedge fund Polygon Investment Partners, which has a 25.5% stake in the company.

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