UK pension trust voices opposition to Apollo-Cooper deal

More negative news to hit the USD2.5-billion deal that Apollo Tyre initially agreed to acquire Cooper.

A pension trust in the UK is voicing its opposition to the proposed acquisition of Cooper Tire by India's Apollo Tyre, reports Business Standard. The Cooper Avon Tyres Pension Trust has alleged that the acquisition of Cooper Tire would be detrimental to the pension scheme and it has approached the pension regulator to seek higher payments to the fund. The UK Pension Trustee has in turn told Apollo that unless it receives assurances, including special contributions, an acceleration of recovery contributions or provision of guarantees and security, it would exercise its moral hazard powers.