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Labour Trouble Ails Apollo Tyres Ltd And Cooper Tire & Rubber Co Deal-Business Standard


Monday, 23 Sep 2013 01:20am EDT 

Business Standard reported that the $2.5 billion acquisition of Cooper Tire & Rubber Co by Apollo Tyres Ltd is facing hurdles from labour unions in both US and China, which may spoil the Company’s takeover attempt. Bankers say if the deal falls, Apollo will end up paying $112 million to Cooper as breakup fees. Apollo Tyres will be funding the deal through $450 million taken on its Mauritius subsidiary’s balance sheet and another $1.8 billion loan taken on Cooper Tire’s books. Last week, the US arbitrator said Cooper can not sell two of its factories in US to Apollo Tyres until a collective bargaining agreement is reached between Apollo and members of the plants' union. United Steelworkers had argued that terms of the agreement will be violated if Cooper closes the deal without Apollo entering into a fresh wage agreement with the workers at Findlay, Ohio, and Texarkana, Arkansas. 

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