Comprehensive foreign reports, Apollo India tire recently reached an agreement with the US Cooper Tire & Rubber Co., Ltd., will invest 2.5 billion US dollars to the latter to implement mergers and acquisitions, which will enable Apollo tires to significantly increase its business in China and the United States and other markets.
According to the agreement signed by both parties, Apollo Tire will provide Cooper tires with $35 per share in cash, which is 43% higher than the latter's share price on June 11. After the merger and acquisition plan was announced, Cooper Tire's shares on the 12th rose sharply by 41% to reach US$34.66.
As early as last October, sources revealed that Apollo's tires were ready to buy Cooper tires. Then there was news that the plan had been shelved because of Apollo's tire financing.
Cooper Tire's sales reached US$4.2 billion last year, and 70% of the company’s operating revenue was generated in North America; Apollo Tire’s two-thirds of its operating revenue comes from the Indian domestic market. The combined annual revenue of the two companies will be Reached 6 billion U.S. dollars, becoming the world's seventh largest tire manufacturer.
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