Apollo buying Cooper for $2.5bn

ERJ staff report (LMH)

Tire Business staff report

Gurgaon, India — India’s Apollo Tyres Ltd is buying Cooper Tire & Rubber Co. in an all-cash deal valued at $2.5 billion (€1.8 million), or about a 40-percent premium over the 30-day volume-weighted average price of Cooper’s stock.

The combination of the Nos. 16 and 11 tire makers worldwide will create an entity with roughly $6.6 billion in annual sales — good for a No. 7 world ranking — and manufacturing at…

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