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Apollo Tyres Ltd To Acquire Cooper Tire & Rubber Company-The Economic Times

Thursday, 11 Oct 2012 04:11am EDT 

The Economic Times reported that Apollo Tyres Ltd is in the process of acquiring NYSE-listed tyre maker Cooper Tire & Rubber Company, sources with direct knowledge said. The deal to acquire a controlling stake in Cooper Tire could be in the range of $600-800 million, sources indicated. Apollo Tyres Ltd is raising $150 million via QIP and that will give them enough comfort for raising additional debt for funding the acquisition. Sources suggest that Apollo Tyres Ltd could be raising close to $600 million of debt for which the advisor to the deal. Standard Chartered Bank has already initiated the process. 

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