Apollo shares rise after favourable ruling in spat with Cooper

Shares of Apollo Tyres rose as much as 5.65 per cent on Monday after a US judge ruled that the Indian company did not breach its obligation to close its $2.5 billion buyout of Cooper Tire & Rubber Co.

The judge rejected Cooper's allegations that Apollo was intentionally dragging its feet in talks with the United Steel Workers as an excuse to cut the deal's price. When the two companies announced the deal in June they anticipated it would close by October 4.

At 9.36 am, Apollo shares were up 3.56 per cent at Rs 74.20. They have fallen more than 20 per cent since the deal was announced on June 12.

Copyright: Thomson Reuters 2013