December 31, 2013 / 3:57 AM / 4 years ago

Apollo Tyres shares rise after Cooper deal collapse

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

MUMBAI (Reuters) - Shares of Apollo Tyres Ltd(APLO.NS) gain 5.5 percent on Tuesday after a deal to acquire U.S.-based Cooper Tire & Rubber Co (CTB.N) fell through late last night.

Cooper Tire said on Monday it was walking out of the deal after being informed by the Indian tyre maker that financing was no longer available for a takeover. Both companies have threatened legal action against each other.

Apollo shares hit a record high of 111.45 rupees in pre-market trade. On Monday, Cooper shares had also risen 5.4 percent after the announcement, closing at $24.2 on the New York Stock Exchange.

Reporting by Swati Pandey; Editing by Subhranshu Sahu

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