Apollo Tyres shares shed 20% on $2.5bn Cooper Tire deal

by Paul Joseph on June 13, 2013 · 0 comments

Stock in Apollo Tyres slipped as much as 20 per cent in early trade on Thursday, a day after the manufacturer announced its decision to acquire American firm Cooper Tire & Rubber. On Wednesday, Apollo Tyres announced that it had hit a $2.5 billion (Rs 14,500cr) deal to acquire the U. S.-based tyre maker. The announcement of the deal dragged the stock down as many investors as well as some of the leading brokerages termed the deal as risky. The massive acquisition is even bigger than Tata’s acquisition of Jaguar Land Rover. read more

[via Stock Watch – Stock Specific News]

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