Apollo Tyres extends gains on Cooper deal uncertainty

MUMBAI Mon Oct 7, 2013 2:19pm IST

A labourer removes a punctured Apollo tyre outside an Apollo Tyres workshop in Mumbai, June 13, 2013. REUTERS/Vivek Prakash/Files

A labourer removes a punctured Apollo tyre outside an Apollo Tyres workshop in Mumbai, June 13, 2013.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Apollo Tyres (APLO.NS) shares surged as much as 6.9 percent after the Indian company and U.S.-based Cooper Tire & Rubber Co (CTB.N) disagreed over whether the Indian firm should pay a lower price in its $2.5 billion takeover offer.

The disagreement over price came to light after Cooper filed a complaint in a U.S. court on Friday to force Apollo to close the acquisition "in a timely manner," casting further doubt over whether the deal would ultimately succeed.

Apollo Tyres were up 4.9 percent at 2:09 p.m.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Microsoft Earnings

Microsoft Earnings

Microsoft sales beat Street hopes, cloud profits up.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

U.S. Economy

U.S. Economy

Spectre of no-inflation world looms over Fed's return to normal  Full Article 

Insider Trading

Insider Trading

Rengan Rajaratnam, SEC to settle civil insider trading charge.  Full Article 

Market Watch

Market Watch

Betting on the beaten up? Investors pin hopes on stocks in Europe, Japan.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage