Cooper Tire & Rubber Co said it could sell its 65 percent stake in its Chinese joint venture to partner Chengshan Group Co Ltd, clearing the way for the U.S. tire maker to look for a buyer for itself. Chengshan Group protested against Cooper's deal to sell itself to India's Apollo Tyres Ltd by locking out Cooper management and halting production of Cooper-branded tires at the Chinese facility, Cooper Chengshan Shandong Tire Co Ltd (CCT).Production resumed earlier this month after the merger fell through."If Cooper sells its interest in CCT to Chengshan ... Cooper will have added flexibility to enter into acquisitions," Chief Executive Roy Armes said in a statement on Friday.Chengshan Group had been exploring a bid for Cooper when Cooper struck the Apollo deal, the company told a court in November.
Cooper Tire & Rubber Company (Cooper) is a manufacturer and marketer of replacement tires. Shares of CTB traded higher by 1.96% or $0.44/share to $22.84. In the past year, the shares have traded as low as $20.55 and as high as $34.79. On average, 1774820 shares of CTB exchange hands on a given day and today's volume is recorded at 686605.
Source
