India's Apollo Tyres surges after Cooper Tire loses court bid to force merger

Last Updated: Tue, Dec 17, 2013 03:50 hrs

MUMBAI, Dec 17 (Reuters) - Shares in Apollo Tyres Ltd rose 3.8 percent in pre-open trading on Tuesday after Cooper Tire & Rubber Co lost its U.S. court bid on Monday to force the Indian tyremaker to complete their proposed $2.3 billion merger.

Under the terms of the merger, Apollo can walk away from the deal on Dec. 31. Investors have worried a takeover of Cooper would lead to a strong increase in debt levels at Apollo. (Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

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