Apollo Tyres, Cooper Tire haggle over $2.5 bn deal value as wrinkles emerge

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Apollo Tyres has said it may have to bear 'significant and unanticipated costs' that were 'well beyond' those it was obligated to bear under the initial merger agreement. Apollo Tyres has said it may have to bear 'significant and unanticipated costs' that were 'well beyond' those it was obligated to bear under the initial merger agreement.
SummaryApollo is also negotiating a deal with United Steelworkers, which represents Cooper workers in US.

said in its statement.

"Cooper's efforts to establish control over its subsidiary's operations and to assert Cooper's rights against its JV partner, Apollo cannot be responsible for Cooper's failures to do so," it added.

The two companies declined further comment when contacted by Reuters.

Shares in Apollo gained as much as 3.8 percent on Monday on growing uncertainty about the status of the deal. Apollo shares have struggled since announcing the deal earlier this year as the Indian tyre maker plans to fund the acquisition entirely through debt.

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