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Sunday, Oct 6
Cooper goes to court to get Apollo to complete acquisition
- Cooper Tire & Rubber Co (CTB) has filed a court complaint in the U.S. to pressure India's Apollo Tyres to close its $2.5B purchase of Cooper.
- The American company accused Apollo of delaying coming to an agreement with the United Steel Workers union over the deal.
- "We are disappointed that Cooper has taken this unusual step and question their motives," Apollo said. The Indian company also noted that it is helping Cooper reach a settlement in its "financially damaging dispute" at its Chinese joint venture, where there has been much opposition to the transaction.
- Cooper's shareholders approved the sale to Apollo on Monday.