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Monday, Sep 16
Cooper's $2.5B sale to Apollo hits further road bump
- Cooper Tire & Rubber (CTB) and India's Apollo Tyres plan to hold talks with the United Steel Workers after an arbitrator ruled that Cooper can't sell two plants in the U.S. as part of its $2.5B takeover by Apollo without the latter first coming to labor agreements with the union, as stipulated in a "successorship clause" in Cooper's contract with staff at the facilities.
- One of the USW's concerns is about the debt that Cooper will take on as part of the transaction.
- The problems in the U.S. add to those at a plant in China, where workers have locked out Cooper's managers in protest at the merger.