Indian takeover sparks strike at tire plant

More than 5,000 workers at a tire plant in eastern China are protesting against a proposed change in foreign ownership, The Wall Street Journal reported. Cooper Chengshan is a joint venture between state-run Chengshan Group and majority owner Cooper Tire (CTB.NYSE), with the US firm subject to a US$2.5 billion takeover bid by India’s Apollo Tyres. Chinese workers, reportedly concerned with Apollo Tyres’ ability to repay debts, are continuing a strike they began on July 13, said a Chengshan Group spokesman. The labor strike is underscored by historical and racial tensions between China and India.