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

Source : REUTERS
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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  Cities   Price (10g)
  Chennai   Rs. 24500.00 (-0.33%)
  Mumbai   Rs. 25480.00 (-0.08%)
  Delhi   Rs. 25200.00 (0%)
  Kolkata   Rs. 25000.00 (0%)
  Kerala   Rs. 24400.00 (-0.41%)
  Bangalore   Rs. 24450.00 (0%)
  Hyderabad   Rs. 24580.00 (0%)
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