Dissatisfaction with Apollo’s acquisition of Cooper as a mountain worker or continued strike

On June 12, 2013, Apollo Tire Co. of India reached an agreement with Cooper Tire & Rubber Co., Ltd., and Apollo will invest US$2.5 billion in the implementation of Cooper's merger and acquisition. This decision was strongly opposed by the unions and workers of Sino-U.S. Cooper Chengshan (Shandong) Tire Co., Ltd.

On June 21, 2013, employees of Cooper Chengshan (Shandong) Tire Co., Ltd. went on strike to protest Apollo India’s acquisition of Cooper. After an agreement was reached through two rounds of negotiation, the United States agreed to negotiate with relevant parties on the termination of Apollo mergers and acquisitions. , Answer within 15 days (ie before July 12th).

Now that the appointed time has come, how is the progress?

The reporter called the Cooper-Ping Chengshan Union. Mr. Liang, the person in charge, said that the US has given a reply but failed to satisfy the workers. "There is still insisting on mergers and acquisitions. There is nothing else to say about it." There was a bit of indignation in the tone of his speech.

Mr. Liang emphasized on the phone that the US not only does not respect trade unions at all, but also allows Apollo to acquire 100% of its debts. “Everyone can see the problem of mergers and acquisitions. We have to earn money for the company’s debt in the future. It's up."

According to the disclosed information, Apollo’s acquisition of Cooper requires 2.5 billion U.S. dollars, of which Apollo has borrowed 450 million U.S. dollars from the bank, and Cooper Tire has raised 2.1 billion U.S. dollars through its own bond issuance and bank loans. Apollo’s market capitalization was only US$600 million, and the acquisition involved capital of US$2.5 billion. The high leverage ratio has caused widespread doubt in the industry and financial investment industry.

When asked what measures will be taken next, Mr. Liang said: "We will continue to strike." After that, we will say "meeting, go back and say it again." Hang up the phone.

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