Investor Worry Pushes Down Cooper Shares - Tire Review Magazine

Investor Worry Pushes Down Cooper Shares

Shares in Cooper Tire & Rubber fell 3.3% to $31.50 on Aug. 26, putting the stock down 6.1% in total this month.

According to the Wall Street Journal, this marks a two-month low and comes off the back of investor fears that the decision India’s central banks to review large deals by Indian companies may affect the transaction. Indeed one report emanating from India suggests that Apollo Tyres’ bid for Cooper is about to get reviewed in particular.

The deal, announced on June 12, will see Apollo take on $450 million of debt to finance its $2.5 billion offer. Cooper Tire will also take on $2.1 billion of debt, although this will be largely through a bond offering. Either way the amount of debt involved has also spooked some investors.

Strike issues at one of Cooper’s Chengshan plants in China have also added to the complications. All there are indications that the worst of this is over and the factory is once again producing some tire products – although not currently those bearing the Cooper moniker. (Tyres & Accessories)

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