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4 years ago
India's Apollo Tyres extends gains on Cooper Tire deal uncertainty
October 7, 2013 / 8:45 AM / 4 years ago

India's Apollo Tyres extends gains on Cooper Tire deal uncertainty

MUMBAI, Oct 7 (Reuters) - Apollo Tyres Ltd shares surged as much as 6.9 percent after the Indian company and U.S.-based Cooper Tire & Rubber Co 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 0839 GMT. (Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

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