Cooper Tire shareholders voted to approve a merger with Apollo Tyres Monday, paving the way for the $2.5 billion transaction that would make it the largest acquisition by the Indian company in North America.
According to Cooper Tire, the deal would create the seventh-largest tire company in the world when completed.
The merger was approved with more than 74% of those holding stock in Cooper Tire voting in favor of the deal, even as the sale of the company's Texarkana, AR and Findlay, OH plants remain on hold until a collective bargaining agreement can be reached with local labor unions.
Cooper and Apollo announced the proposed merger June 12, 2013 following unanimous approval by the boards of directors of both companies. The pending merger is expected to close by the end of the year.
Sunday, August 31 2014 3:28 PM EDT2014-08-31 19:28:29 GMT
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