Cooper Tire in tentative deal with workers over merger

Sat Nov 2, 2013 1:22am IST

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013. REUTERS/Danish Siddiqui

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013.

Credit: Reuters/Danish Siddiqui

Related Topics

Stocks

   

REUTERS - Cooper Tire & Rubber Co (CTB.N) said it reached a tentative agreement with workers represented by United Steelworkers union, regarding its planned $2.5 billion sale to India's Apollo Tyres Ltd (APLO.NS).

An arbitrator ruled in September that the sale could not close unless Apollo drew up a collective bargaining agreement with the union that represents workers at two Cooper plants.

The new labour deal agreed to on Wednesday is subject to review by Apollo, as well as ratification by the union's membership, Cooper said in a filing on Friday.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Maju Samuel)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Vodafone Tax Dispute

Vodafone Tax Dispute

India advised against challenging Vodafone tax ruling - source  Full Article 

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Falling Oil Prices

Falling Oil Prices

Saudis signal no push for oil cut as market to "stabilise itself"  Full Article 

Raising Stake

Raising Stake

Nippon Life to raise stake in Reliance Capital fund unit  Full Article 

Sterilisation Camps

Sterilisation Camps

Sterilisation targets remain in all but name, critics say  Full Article 

Share Buyback

Share Buyback

Samsung Electronics to buy back $2 billion in shares  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

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