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
Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates. He's a casualty of the global oil price collapse. Full Article