Saturday, Oct 22, 2016
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Cooper Tire says deal made with labor unions


The headquarters of the Cooper Tire & Rubber Company is seen in Findlay, Ohio.

Bloomberg News Enlarge

FINDLAY — Cooper Tire & Rubber Co. said it has reached a tentative agreement with its labor unions that would fulfill a requirement of the imperiled and soon-to-be litigated merger deal with Apollo Tyres Ltd.

A $2.5 billion deal for Apollo to buy Cooper has been on the rocks for a variety of issues, including an arbitrator’s ruling that Apollo must have an agreement with the labor unions that represent Cooper’s U.S. workers before the deal can close.

Cooper said in a filing with the U.S. Securities and Exchange Commission that it has a tentative agreement with the United Steelworkers, but the deal would still have to be approved by Apollo.

An Apollo spokesman did not respond to a request seeking comment on Monday.

Both sides have filed complaints against the other in Delaware court. The trial is expected to begin today.

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