Apollo makes tyre purchase

India's Apollo Tyres yesterday agreed to buy US-based Cooper Tire & Rubber Co for about $2.5bn in a deal that would reduce its dependence on a slowing Indian car market. Apollo, which currently gets two-thirds of its revenue from India, will pay a premium of about 43 per cent to Cooper’s Tuesday close. The deal is the latest in a string of big overseas acquisitions by Indian companies in recent years, including Tata Motors’ $2.3bn purchase of Jaguar Land Rover.