Apollo Tyres in talks to acquire majority stake in U.S based Cooper Tire

Apollo Tyres, country’s tyre manufacturer is reportedly in discussion to acquire a majority stake in U.S.-based Cooper Tire & Rubber Co., in a deal valued at around $600 million. With this deal Apollo will get access to the U.S. market for replacement of tyres for cars and light and medium trucks.

The company will use fresh borrowing and proceeds from the share sale, expected mid November, to finance the deal. It has hired Standard Chartered and HSBC for a secondary share sale in the Indian market to raise up to $150 million.