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Federal-Mogul To Be Sold To Tenneco For $5.4 Billion
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Auto parts maker Tenneco is set to buy Icahn Enterprises’ Federal-Mogul in a deal said to be worth $5.4 billion in cash and Tenneco stocks.
Tenneco will separate Federal-Mogul into two independent, publicly traded companies, Federal-Mogul Motorparts and Federal-Mogul Powertrain.
Each will work alongside Tenneco’s complementary businesses, Tenneco Ride Performance and Tenneco Clean Air.
“This is a landmark day for Tenneco with an acquisition that will transform the company by creating two strong leading global companies, each in an excellent position to capture opportunities unique to their respective markets,” Tenneco CEO Brian Kesseler said.
The deal is set to be completed in the second half of the year.
Icahn, lead by Carl C. Icahn, first took majority control of Federal-Mogul in 2008.
Tenneco will separate Federal-Mogul into two independent, publicly traded companies, Federal-Mogul Motorparts and Federal-Mogul Powertrain.
Each will work alongside Tenneco’s complementary businesses, Tenneco Ride Performance and Tenneco Clean Air.
“This is a landmark day for Tenneco with an acquisition that will transform the company by creating two strong leading global companies, each in an excellent position to capture opportunities unique to their respective markets,” Tenneco CEO Brian Kesseler said.
The deal is set to be completed in the second half of the year.
Icahn, lead by Carl C. Icahn, first took majority control of Federal-Mogul in 2008.
