MUMBAI 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)
Trending On Reuters
The deaths of a number of witnesses in a massive fraud case surrounding cheating at college and government jobs has become the latest source of discomfort for the Bharatiya Janata Party (BJP), already on the defensive over influence trafficking allegations. Full Article
Insight - Car dashboards that act like smart phones raise safety issues Full Article