Tenneco to acquire Federal-Mogul for $5.4 bln

Last Updated: Apr 11 2018 | 7:06 AM IST

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New Delhi, Apr 11 (ANI): Auto parts maker Tenneco is buying Federal-Mogul, a maker of powertrain components, from Icahn Enterprises LP for $5.4 billion. The billionaire investor Carl Icahn's Icahn Enterprises owns a controlling stake in Federal-Mogul. Icahn's company will get $800 million in cash and $29.5 million shares of Tenneco. The deal is set to close in the second half of this year. Tenneco will then split its combined businesses into two independent publicly traded companies in 2019, one focusing on powertrains and the other part, on ride performance and replacement parts.