Apollo Tyres extends gains on Cooper deal uncertainty
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)
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The Nifty rose to a record high, and the benchmark BSE Sensex hit its record for a second consecutive session, as foreign investors bet big in a country that just months ago was gripped by market turmoil. Full Article