Apollo Tyres to buy Dutch co; stock up 4%

MUMBAI: Shares of Apollo Tyres were in demand Thursday amid media reports that the company is set to acquire Dutch company Vredestein Banden,

The deal is expected to be closed in a fortnight for a consideration of around $300 million, the paper said.

Vredestein is a premium tier I tyre manufacturer with a portfolio of high-end, high speed rated passenger car tyres going up to a speed of 300 kilometers per hour.

At 10:50 am, the company���s shares were up 4.26 per cent at Rs 24.45 on the NSE.