Apollo signs Rs 14,500-Cr Deal with Cooper Tire

In a big business development, leading Indian auto company, Apollo Tyres is all set to acquire the US-based tyre-maker Cooper Tire & Rubber Company for Rs 14,500 crore ($2.5 billion).

After the acquisition, Apollo Tyres will become the seventh-largest tyre company in the world with net worth of Rs 35,000 crore ($6.6 billion). Cooper stockholders will get $35 per share in cash.

Apollo expects to make its presence felt in a big way in the US and China following this grand acquisition. This is the highest outbound deal by any Indian company this year. In automobile sector, Tata Motors had acquired British luxury carmaker Jaguar Land Rover for Rs 9,200 crore in 2008.