Cooper shareholders OK sale to Apollo Tyres

US' Cooper Tire & Rubber on Monday said shareholders approved its sale to Apollo Tyres, clearing the decks for the $2.5-billion deal. "We are pleased stockholders endorsed this transaction," chairman, chief executive and president, Roy Armes, said. When finalised, the pending merger will result in the world's seventh-largest tire company, Cooper said. About 78 per cent of Cooper's outstanding common shares were voted, with 48 million shares voted in favour of the merger, representing 96 per cent of Cooper's voted shares, the company said. On June 12, Apollo Tyres had announced it would acquire Cooper in an all-cash deal valued at Rs 14,500 crore.