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Apollo Tyres extends gains on Cooper deal uncertainty
October 7, 2013 / 4:19 AM / 4 years ago

Apollo Tyres extends gains on Cooper deal uncertainty

MUMBAI (Reuters) - 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.

A labourer removes a punctured Apollo tyre outside an Apollo Tyres workshop in Mumbai, June 13, 2013. REUTERS/Vivek Prakash/Files

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

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