Goodyear Tire and Rubber Co said it would buy Cooper Tire and Rubber Co in a $2.8 billion dollar deal. The deal will nearly double Goodyear’s presence in China and broadens distribution for Cooper replacement tires through Goodyear’s network of retail stores in the country. The U.S. and China are the two largest tire markets in the world, accounting for about one-third of global industry volume. Shares of both companies were up on the news.

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