American 'Cooper Tires' gave up merging with 'Apollo Tyres'

American company "Cooper Tires" gave up the contract with the Indian tire manufacturer, " Apollo Tyres", which would result in the formation of the seventh largest tire manufacturer in the world by volume of revenue, announced the American company.

- It`s time to start our business - said the executive director of "Cooper" Roya Armsa, after unsuccessful negotiations in which both sides ended up in court, according to France Press.

Indian "Apollo" announced in June it would buy American "Cooper Tires" for the sum of $ 2.5 billion.

The agreement, however, was never finalized because the companies involved in numerous disputes.

The " Cooper " asked from the court in Delaware to compel " Apollo " to quickly sign the contract and it accused its buyer that it intends to give up or to bring down the price. On the other hand, the " Apollo " was looking for a lower price than the original $ 35 per share because of the extra expenses for union issues . " Apollo " also claimed that " Cooper " did not provide sufficient information about its Chinese branch.

The agreement was planned to be annulled if the contract between the company "Apollo" and "Cooper" was not conclude until 31 December.
According to the director of `Cooper`, the merging failed because "Apollo" did not comply with its obligations.
The company " Cooper Tires" operates in Serbia through the factory in Krusevac.