Apollo Tyres Archives - Page 26 of 48 - Tyrepress

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Apollo-Cooper deal clears antitrust hurdle

On 26 July, the Hart-Scott-Rodino (HSR) review period for Apollo Tyres’ pending acquisition of Cooper Tire & Rubber expired with no action taken by the Federal Trade Commission or the Department of Justice in the US. In a statement issued on 2 August, Cooper Tire explained that the expiration of the HSR review period satisfies one of the conditions necessary for the acquisition transaction to close. Cooper and Apollo now expect that, subject to the remaining customary closing conditions, the transaction will be completed before the end of the year.

5th August 2013/12,345 Comments/by Tyrepress Editors

New Apollo Vredestein distribution centre

Apollo Vredestein’s new European distribution centre recently entered service. Located in Staalsteden, near the company’s Enschede plant, the centre has the capacity to store 500,000 tyres. The company says the additional storage space is needed to accommodate growing production and sales volumes, combined with a wider product range.

29th July 2013/12,345 Comments/by Tyrepress Editors

Ohio Senator meets with Apollo senior management

On 25 July, United States Senator Sherrod Brown, who represents the state of Ohio, met with Apollo Tyres chairman Onkar Kanwar and vice chairman and managing director Neeraj Kanwar to urge them to protect jobs in his – and Cooper Tire & Rubber’s – home state.

29th July 2013/12,345 Comments/by Tyrepress Editors

No Cooper conference call

Financial analysts will need to form their own opinions when Cooper Tire & Rubber releases its second quarter 2013 financial results on 8 August. The US tyre maker has announced that in light of its pending acquisition – described as a “merger” in a Cooper press release – by India’s Apollo Tyres, the company will not host a financial community conference call. In the absence of this otherwise regular event a press release will be published on the tyre maker’s website, and Cooper says further information will be available in Form 10-Q of the company’s quarterly report.

26th July 2013/12,345 Comments/by Tyrepress Editors

Goldman Sachs buys Apollo shares

On July 22, Goldman Sachs Singapore PTE acquired 2,768,258 Apollo Tyres shares on the National Stock Exchange of India for Rs 69.70 per share. This gives the investment banking and securities firm a 0.55 per cent holding in the tyre maker.

23rd July 2013/12,345 Comments/by Tyrepress Editors

Apollo: Cooper Chengshan on track despite strike reports

Following news of industrial opposition to the on-going Apollo/Cooper takeover and even strikes at Cooper Chengshan in China, company representatives have broadly confirmed that there has been disquiet. However, while the local news coverage suggests this has been the case for nearly a month, Apollo representatives did not confirm this detail and report that the deal is very much on-track and indeed entering the end-game of what they referred to as a “compelling strategic transaction”.

22nd July 2013/12,345 Comments/by Tyrepress Editors

Vredestein launches Wintrac xtreme S

On 18 June 2013 Apollo Vredestein Introduced its latest UHP winter tyre. The Wintrac xtreme S was designed in cooperation with Italian design house Giugiaro; a partnership that also led to the success of products such as the Ultrac Sessanta and Ultrac Vorti. To celebrate 15 years of cooperation, the introduction of the Wintrac xtreme S took place in Turin, the home of Italdesign Giugiaro and the hub of the automotive industry. The “style” element also explains why the latest version of the xtreme features an “S” in its name.

22nd July 2013/12,345 Comments/by Tyrepress Editors

Swiss Finance acquires 1.34% stake in Apollo

Swiss Finance Corporation has purchased 6.78 million Apollo Tyres shares on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange of India) for Rs 482.19 million (£5.3 million). This transaction gives the trading institution a 1.34 per cent stake in Apollo. The shares were purchased at an average price of Rs 71. In a separate deal, Swiss Finance then sold 200,000 Apollo Tyres shares on the NSE for a total of Rs 14.8 million, or Rs 74 per share.

19th July 2013/12,345 Comments/by Tyrepress Editors

Morgan Stanley takes 0.5% share in Apollo

News of Morgan Stanley Asia (Singapore) Pte’s investment in Apollo Tyres has prompted a slight rise in the Indian tyre maker’s share price. Morgan Stanley purchased 2.7 million Apollo shares – a 0.5 per cent stake in the company – for Rs 63.37 a share. After this news was released, shares rose briefly to Rs 64.80; still more than 31 per cent down on their trading price before Apollo announced it would acquire Cooper Tire & Rubber.

11th July 2013/12,345 Comments/by Tyrepress Editors

Apollo investors call for Cooper rethink

Shareholders ‘voted with their feet’ following the announcement that Apollo Tyres would acquire Cooper Tire & Rubber for US$2.5 billion, causing share prices to plummet from Rs 92.60 on 12 June – the day the deal was announced – to a low of Rs 54.60 (£0.61) nine days later. Now, several institutional investors are said to be speaking with the Indian tyre maker in the hope it will reconsider the transaction.

10th July 2013/12,345 Comments/by Tyrepress Editors

Cooper Tire keeps ‘neutral’ rating

Financial analysts have maintained a “neutral” rating for shares in Cooper Tire & Rubber Company. The report published 4 July by Zack’s Equity Research explained the general reasoning, which follows Apollo Tyre’s agreement to buy the company for US$2.6 billion on 12 June: “We are pleased with its improved 2013-first quarter results and focus on reducing costs together with increased efficiency in each of the plants. However, we are concerned about the increasingly competitive landscape.”

9th July 2013/12,345 Comments/by Tyrepress Editors

Cooper acquisition is a game changer – Apollo MD talks to T&A

Company News, International News, News

With the ink still drying on Apollo Tyre’s agreement to purchase Cooper Tire and Rubber, on 27 June Tyres & Accessories met with Apollo vice chairman and managing director Neeraj Kanwar at the company's new global marketing office in central London in order to get the inside line on the deal, the impending integration and the strategy behind the purchase.

In 2010, Apollo's owners, chairman Onkar Kanwar and vice-chairman and managing director Neeraj Kanwar, told the world that the company was aiming to break into the global top 10…at least. At the time this announcement was made you could be forgiven for thinking such a proclamation was either an exercise in hyperbole or in corporate goal setting. And why not? There's nothing wrong with aiming high, as many of the world's fastest growing tyre companies are clearly doing. After all, as the saying goes, “he who aims at nothing hits it”.

But with all the speculation that surrounded the company's decision to engage in takeover talks with Cooper at the end of 2012, the fact that the deal has now been agreed arguably isn't as much of a surprise as the speed with which the top 10 goal has been attained. Early indications suggest that the amalgamated Apollo/Cooper will be the seventh largest tyre company on earth. So what’s next? The exclusive club that is dominated and fiercely defended by the big five? Or, as is more likely, a period of integration and consolidation while the dust settles?

1st July 2013/12,345 Comments/by Chris

Kanwar: ‘We see significant growth potential’ at each tyre plant

Apollo Tyres joint chairman Neeraj Kanwar has spoken out in support of keeping and even expanding Apollo and Cooper’s existing manufacturing sites. With the dust still settling following the news of the acquisition of Cooper by Apollo, Kanwar’s comments, which came as part of an interview with Tyres & Accessories, appear to act as a further assurance that the company has no plans to close its manufacturing locations.

25th June 2013/12,345 Comments/by Tyrepress Editors

Report: Investor sues Cooper over ‘too low’ Apollo bid

Cooper Tire & Rubber Co. was reportedly sued by one of its investors in a bid to block the company’s $2.5 billion takeover by Apollo Tyres Ltd., saying the offer of US$35 wasn’t high enough. According to a Bloomberg report, the Booth Family Trust said in a filing at Delaware Chancery Court in Wilmington: “The proposed transaction is the result of an unfair process [and] was negotiated and entered into in bad faith…”.

24th June 2013/12,345 Comments/by Tyrepress Editors

Apollo share price falls 21% after news of Cooper deal

Shares in Apollo Tyres Ltd plunged by up to 21 per cent the day the company announced its purchase of Cooper Tire. According to local news sources, it has been over 20 years since the share price fell this much. The negative sentiment is likely to related to the price Apollo has agreed to pay for Cooper, which at $35 a share, is far higher than the company’s 11 June closing price of $24.56 and potential price tags of around $25 that were mooted around the time rumours of the deal emerged in October 2012.

13th June 2013/12,345 Comments/by Tyrepress Editors