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Apollo Tyres stock hits 52-week high on Cooper deal collapse

Cooper Tire said on Monday it was walking out of the deal after being informed by the tyre maker that financing was no longer available for a takeover. Both companies have threatened legal action against each other.

twitter-logoReuters | December 31, 2013 | Updated 11:48 IST
Apollo Tyres shares rise after Cooper deal collapse
Photo: Reuters

Shares of Apollo Tyres Ltd gain 4 per cent in early trade on Tuesday after a deal to acquire US-based Cooper Tire & Rubber Co fell through late on Monday night.

Cooper Tire said on Monday it was walking out of the deal after being informed by the tyre maker that financing was no longer available for a takeover. Both companies have threatened legal action against each other.

Apollo shares hit a record high of Rs 111.45, its 52-week high. On Monday, Cooper shares had also risen 5.4 per cent after the announcement, closing at $24.2 on the New York Stock Exchange.

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