Apollo set to acquire Cooper Tire

Apollo Tyres Ltd is poised to acquire Cooper Tire & Rubber Co. for a quoted $2.5 billion in cash, it has been reported.

The merger will make the combined company the seventh-largest tyre maker in the world, The deal is expected to close in the second half of the year.

Apollo said on Wednesday that the combined company will be one of the world’s largest tire makers, with a strong presence across four continents and combined 2012 sales of $6.6 billion.

Their tyre brands include Apollo, Cooper, Roadmaster and Vredestein.