BUSINESS BRIEF

Cooper Tire says deal made with labor unions

11/4/2013
BLADE STAFF
The-headquarters-of-the-Cooper-Tire-Ru

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

Bloomberg News

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

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.