Goodyear’s planned purchase of Cooper Tire received Chinese antitrust approval, according to the agency’s website.
China’s State Administration for Market Regulation (SAMR) approved the deal on April 23.
The approval comes after the transaction was being reviewed under simplified procedure by the Chinese regulator.
The Chinese news is important as at least one analyst has said that the Chinese review would likely dictate the timing for the deal. Recall that Cooper Tire was almost sold to India’s Apollo Tyres in 2013, though the deal was scuttled partly due to issues with a Cooper joint venture in China.
Last month Goodyear Tire & Rubber agreed to buy Cooper Tire & Rubber for about US$2.8 billion, strengthening its position in the North American tire market and almost doubling its presence in China, where auto sales are surging again.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.