Apollo

Apollo-Cooper merger deal terminated; shares jump

Apollo-Cooper merger deal terminated; shares jump

Shares of Apollo Tyres Ltd jumped 4 per cent in early trade on Tuesday, after the U. S.-based Cooper Tire & Rubber Co terminated its $2.5-billion merger pact with the Indian tyre maker.

On Monday, Cooper Tire confirmed that it ended the agreement after the Indian company informed it that financing was no longer available for the proposed acquisition.

An analyst at Angel Broking termed the termination of the merger deal as a "positive development" for the Indian tyre maker.

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Stock in Apollo Tyres Ltd jumped more than 8 per cent in early morning trade on Tuesday, a day after a US court dismissed Cooper Tire & Rubber Co plea seeking a directive to force the Indian tyre maker to complete their proposed $2.3 billion merger deal.

The Delaware Supreme Court on Monday dismissed Cooper's plea against a previous court ruling that Indian tyre maker was fulfilling its commitment of reaching new contract terms with workers' unions at Cooper's Ohio and Texas-based plants.

Apollo Tyres stock jumps on U.S. judge ruling

Apollo Tyres stock jumps on U.S. judge ruling

Shares of Apollo Tyres Ltd gained nearly 6 per cent in early trade on Monday after a U. S. court rejected Cooper Tire & Rubber Co.'s allegations that the Indian tyre-maker breached its obligation to close its $2.5 billion acquisition of the American manufacturer.

The acquisition deal was announced on 12th of June this year. At that time, the two companies had anticipated that the deal would close by 4th of October. But, disputes over talks with the United Steel Workers union created differences, leaving the deal in doldrums.

Apollo, Cooper disagree over proposed $2.5bn acquisition deal value

Apollo, Cooper disagree over proposed $2.5bn acquisition deal value

Indian tyre-maker Apollo Tyres has argued that its proposed deal to acquire Cooper Tire & Rubber Co might slap it with significant and unanticipated costs well beyond those it was obligated to bear under the preliminary merger agreement -- a development that put the US$2.5 billion deal under uncertainity.

Apollo said Cooper had acknowledged to it that some price decrease was warranted, but the issue now was by how much. The Indian company also alleged that Cooper had misrepresented its management as well as control of its Chinese plant to Apollo as well as its own shareholders.

Cooper Tire shareholders approve $2.5bn asset sale to India’s Apollo Tyres

Cooper Tire shareholders approve $2.5bn asset sale to India’s Apollo Tyres

Paving the way for one of the biggest US acquisitions by an Indian firm, shareholders of Cooper Tire & Rubber Co. on Monday approved the proposed $2.5-billion sale of the Ohio-based firm to Apollo Tyres Ltd.

However, Apollo Tyres still have to seek green signals from the sides of the United Steelworkers union as well as the US firm's Chinese partner.

For acquiring Findlay, Ohio-based Cooper Tire at a premium of 43 per cent, Apollo Tyres will issue 7-8-year bonds backed by Cooper Tire assets. The Indian firm has plans to take on as much as $450 million in new debt.

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

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

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.

Apollo Tyres up for another hike

According to the sources in the company, Apollo Tyres Ltd, the country's second largest tyre maker by sales has been weighing options of announcing another hike in the Indian market with effect from the start of July.

Notably, as the tyre prices have soared over the past 12 months, the pressure on the margins of the Indian tyre manufacturers is surely very high. Sunam Sarkar, chief financial officer, Apollo Tyres said that the company is in the process of finalizing the details of the hike and will be announcing the hike in the coming few days.

Apollo to Introduce Vredestein Tyres in India Within Next 12 Months

Apollo to Introduce Vredestein Tyres in India Within Next 12 Months

Apollo Tyres today announced that it is going to launch the premium European tyre brand Vredestein, in India within the upcoming 12 months.

"We are working on launching the Vredestein brand in India. We will look at introducing it within a year," Apollo Vredestein Chief Executive Officer Rob Oudshoorn said.

Apollo Tyres had acquired Netherlands-based Vredestein Bandon in May 2009. The deal amount was never disclosed. It has bought the brand from Amtel-Vredestein NV, which has been liquidated now.

Apollo partners Cisco to offer cheaper telemedicine

Apollo partners Cisco to offer cheaper telemedicine

Leading healthcare provider Apollo Hospitals has entered into a partnership with networking company, Cisco to offer cheaper telemedicine services and connect the patients in remote areas with the leading medical practitioners in the country.

The Cisco HealthPresence Extended Reach technology would enable the doctors to offer medical advice to patients in distant areas. The Apollo Hospitals Group and the Apollo Telemedicine Foundation has already applied Extended Reach solution in many of its remote clinics where patient are given access to any doctor across the Apollo network.

IFC invests $60 million in Apollo Tyres

IFC invests $60 million in Apollo Tyres

Amidst all the problems relating to the input-cost rise that the Indian tyre makers are facing, the $60 million investment by the International Finance Corporation (IFC) in the Apollo Tyres' Greenfield manufacturing project coming up on the outskirts of Chennai has come as a boon for the company.

While the new plant is expected to commence operations by the first quarter of the fiscal year 2011, it will exclusively produce truck, bus and car radial tyres.