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

Apollo Tyres shares rise after Cooper deal collapse

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.

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

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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