Thursday, Jun 30, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Automotive

Cooper Tire shareholders OK sale to Indian firm

FINDLAY — Cooper Tire & Rubber Co. shareholders have approved the firm's pending sale to Apollo Tyres Ltd of India.

The Findlay-based company said more than 48 million shares voted today in favor of the transaction, representing about 74 percent of all outstanding shares.

"We are pleased stockholders endorsed this compelling transaction, which will create a $6.6 billion leader in the tire industry with a strong global footprint that includes a presence in the world’s largest tire market of North America as well as in the fastest growing geographies of India and China,” Cooper Chief Executive Officer and President Roy Armes said in a statement.

Cooper and Apollo announced the $2.5 billion acquisition deal in June. The sale had already been unanimously approved by the two companies boards of directors.

Cooper said the deal is expected to close by the end of the year.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…