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Apollo Tyres shares surge on Cooper Tire deal uncertainty

Oct 07 2013, 10:54 IST
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Apollo Tyres shares have struggled since announcing the deal with Cooper Tire and Co earlier this year. (Reuters) Apollo Tyres shares have struggled since announcing the deal with Cooper Tire and Co earlier this year. (Reuters)
SummaryCooper Tire has filed a complaint in a US court to push Apollo to close its acquisition of the US firm.

Shares in Apollo Tyres Ltd gained as much as 3.8 percent on Monday on growing uncertainty about the status of its $2.5 billion deal to buy US-based Cooper Tire & Rubber Co.

Cooper Tire on Friday said it has filed a complaint in a U.S. court to push Apollo Tyres to close its acquisition of the US company in a timely manner.

Completion of the deal is also seen facing delays due to opposition from workers at Cooper's joint venture in China and US labour issues.

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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