Tenneco Acquisition Of Federal-Mogul Approved

Image
Tenneco stockholders have approved the acquisition of PRI exhibitor Federal-Mogul LLC, a deal that was first announced in April of this year.

With more than 85 percent of eligible shareholders taking part in the vote, a total of three proposals regarding the acquisition was overwhelmingly approved by the group, which included plans for the issuance of stocks regarding the purchase of Federal-Mogul.

“We are very pleased with the results of the meeting and the strong vote of confidence from our stockholders,” Tenneco Chairman Gregg Sherrill said. “This is a major step forward in the creation of two strong leading global companies, each in an excellent position to capture opportunities unique to their respective markets, and realigned in a way to unlock shareholder value.”

Tenneco also announced that it has received regulatory approvals required to close the deal, which is scheduled to happen on October 1.

For more information on the acquisition, visit the Tenneco website here.

Stay Connected

Sign Up For The PRI eNewsletter to get the latest in racing industry news, special events, new product information and more directly to your inbox.

Stay Connected

Sign Up For The PRI eNewsletter to get the latest in racing industry news, special events, new product information and more directly to your inbox.