A PYMNTS Company

US: Judge sides with Apollo in Cooper tire merger spat

By  |  November 10, 2013

A US judge in Delaware has ruled in favor of India-based Apollo Tyre, accused by US rival Cooper that it breached merger agreements made in efforts to negotiate with the United Steelworkers Union.

Following the agreement of a $2.5 billion merger, Cooper accused Apollo of delaying the closure of the deal by failing to reach an agreement with the Union. Cooper announced last week it had reached a tentative deal with the union, but Apollo passed off the announcement as a stunt.

Further, Apollo slammed Cooper for losing control of its joint venture in China.

A judge ruled that Apollo has not breached its merger agreements, a ruling Cooper said it was “disappointed” to receive.

Full Content: BizBuzz

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.