Chinese workers on strike against takeover of US tyre firm
BEIJING (AFP) - More than 5,000 Chinese workers at a Sino-US joint venture tyre manufacturer have gone on strike against the American parent company's US$2.5 billion (S$3.18 billion) takeover by an Indian firm, state media reported.
Cooper Tire and Rubber announced last month that it would be taken over by Apollo Tyres of India, making the combined group the seventh-largest such firm in the world.
But thousands of staff at Cooper Chengshan, a joint venture in the eastern Chinese province of Shandong, have walked out in protest, the Xinhua news agency said late on Tuesday.
It quoted union leaders saying they wanted to block the huge transaction, which saw Cooper shares leap on the New York stock exchange.