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India: Apollo Tyres, Cooper $2.5B deal at a standstill

By  |  October 7, 2013

A complaint filed in court by Cooper Tire, which is seeking the forceful finalization of its merger with India’s Apollo Tyres, is the latest speed bump in the road for the $2.5 billion deal.

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    Reports say Cooper recently filed a complaint accusing Apollo of attempting to renegotiate the deal by delaying an agreement with the United Steelworkers Union at Cooper. According to court documents, Apollo is demanding a price cut for the merger deal.

    Further, Apollo is accusing Cooper of misrepresenting facts regarding Cooper’s operations in China and its relationship with the United Steelworkers Union.

    In response, Cooper claims such risks were part of their agreed-upon merger deal. The company’s court filing is accusing Apollo of breaching their merger agreement.

    Full Content: Economic Times

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