Apollo Tyres gains on hopes of Cooper deal collapse - Reuters India

Tue Dec 24, 2013 1:06pm IST

• Tweet
• Link this
• Share this
• Reuters Market Eye - Apollo Tyres Ltd(APLO.NS) shares surge as much as 8.9 percent to their highest since September 2012 as investors bet the Indian company will drop its $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co(CTB.N), traders...
• Email
• Print

An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013.

Credit: Reuters/Danish Siddiqui

From SantaCon to scuba Santas, tis the season for Kris Kringle to appear.  Slideshow 

• Best of India 2013
• Big surf contest
• The legacy of Kalashnikov
• The world of robots
• Pussy Riot: The early years

» Click here for more slideshows

Reuters Market Eye - Apollo Tyres Ltd(APLO.NS) shares surge as much as 8.9 percent to their highest since September 2012 as investors bet the Indian company will drop its $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co(CTB.N), traders say.

The merger agreement, signed in June, is valid up to December 31 after which Apollo can walk away from the deal.

"We believe that in the event of the Cooper Tire acquisition failing to materialise and no break-up fees is involved, this could be significantly positive for Apollo shareholders," Ambit Capital said in a research note.

Apollo Tyres shares up 6.3 percent at 1.01 pm.

(Reporting by Aradhana Aravindan)

• Tweet this
• Link this
• Share this
• Digg this
• Email
• Print
• Reprints

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

Comments (0)

Be the first to comment on reuters.com.

Add yours using the box above.

via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHhQ1E6hOaTrn9w-vZEpcVKiO2Kww&url=http://in.reuters.com/article/2013/12/24/market-eye-indias-apollo-tyres-surges-on-idINDEE9BN03A20131224

Put the internet to work for you.

via Personal Recipe 2910127