FEDERAL-MOGUL SOLD TO TENNECO FOR $5.4B
Billionaire investor Carl Icahn has agreed to sell automotive supplier Federal-Mogul for roughly $5.4 billion in a cash and stock deal. The transaction, announced Tuesday, comes approximately a decade after Icahn Enterprises acquired Federal-Mogul during the U.S. auto industry crisis. Federal-Mogul’s products include brake parts, wipers and chassis components. Tenneco plans to split into two companies after the acquisition. One will focus on aftermarket and ride performance products. The other will be geared toward powertrain technology. Tenneco sells products under brands that include Monroe, Walker and XNOx.