WILMINGTON, Del., Nov 5- Cooper Tire& Rubber Co's partner in a Chinese joint venture was exploring a bid for the fourth-largest U.S. tire maker when Cooper struck a deal with an Indian suitor, Cooper's chief executive told a court on Tuesday.
WILMINGTON, Del., Nov 4- Cooper Tire& Rubber Co of the United States and Apollo Tyres Ltd of India should be enjoying a honeymoon. The result is a lawsuit in Delaware's Court of Chancery in which Cooper, which has 13,000 employees worldwide, is seeking a court order to close the deal.
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Apollo is asking Cooper for a price cut on the $2.5 billion deal, reports CNBC's David Faber.
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Apollo Tyres' $2.5 billion deal for Cooper Tire & Rubber has flared into a war of words as the companies haggle over price.
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Pimco predicts doom; more emerging world M&A leadership as India buys into U.S. tire market; Blackstone has the jitters.
The acquisition would create the world's seventh largest tire company, reports CNBC's David Faber.
Indian tire manufacturer Apollo Tyres said it plans to buy Cooper Tire & Rubber for about $2.5 billion.
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FINDLAY, Ohio-- Cooper Tire& Rubber's net income grew more than fourfold in the third quarter, aided by lower raw material costs, new products and cost-cutting efforts. The company earned $74.1 million, or $1.17 per share, for the period that ended Sept. 30. That compares with $17.3 million, or 27 cents per share, a year earlier.
*Nifty futures on the Singapore Exchange. FACTORS TO WATCH* Infosys, India's no. 2 software services provider, will report September quarter earnings. *A committee, led by prime minister's Economic Advisory Council chief C. Rangarajan, will recommend lifting curbs on India's tightly controlled sugar sector.
*Oil prices rose on Thursday to their highest levels in weeks as tensions between Syria and Turkey escalated, while maintenance on North Sea oilfields pushed the premium for Europe's Brent crude to another one-year high.
*Cooper Tire shares jump as much as 11 pct By Sumeet Chatterjee and Sagarika Jaisinghani Oct 11- Indian tire manufacturer Apollo Tyres. Shares of Cooper Tire jumped as much as 11 percent to $20.76, valuing the company at $1.3 b illion.
Oct 11- Apollo Tyres Ltd:. *In early talks with Cooper Tire& Rubber to acquire majority stake. *Has hired standard chartered and HSBC for secondary share sale in Indian.
*Cooper Tire shares jump as much as 11 pct. is in the process of acquiring a controlling stake in U.S.-based Cooper Tire& Rubber Co in a deal valued at between $600 million and $800 million, India's Economic Times reported. Shares of Cooper Tire jumped as much as 11 percent to $20.76, valuing the company at $1.3 b illion.
*Deal could be for $600 mln- $800 mln- India's Economic Times. *Cooper Tire shares jump as much as 11 pct. Shares of Cooper Tire, which had a market value of about $1.2 billion as of Wednesday's close, jumped as much as 11 percent on the New York Stock Exchange on Thursday, bringing the gain so far this year to about 45 percent.