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India's Apollo Tyres shares surge on Cooper Tire deal uncertainty
October 7, 2013 / 4:09 AM / 4 years ago

India's Apollo Tyres shares surge on Cooper Tire deal uncertainty

MUMBAI, Oct 7 (Reuters) - Shares in India’s Apollo Tyres Ltd gained as much as 3.8 percent on Monday on growing uncertainty about the status of its $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co.

Cooper Tire on Friday said it has filed a complaint in a U.S. court to push Apollo Tyres to close its acquisition of the U.S. company in a timely manner.

Completion of the deal is also seen facing delays due to opposition from workers at Cooper’s joint venture in China and U.S. labour issues.

Apollo shares have struggled since announcing the deal earlier this year as the Indian tyre maker plans to fund the acquisition entirely through debt.

Reporting by Abhishek Vishnoi; Editing by Rafael Nam

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