Quantcast
Jump to content

  • Welcome to Auto Parts Forum

    Thanks for visiting our brand new online forum for automotive parts. We are just starting to build content and invite you to join us here in our new online discussion forum for automotive parts topics.  Whether you are a veteran automotive parts guru or just someone looking for some quick auto parts advice, register today and start a new topic in our forum. Registration is free and you can even do it with social network platforms such as Facebook, Twitter, Google, and LinkedIn.  

APF

Icahn selling auto parts maker Federal Mogul to Tenneco for $5.4 billion

By APF, in Auto Parts Brands and Manufacturers

Recommended Posts

APF    25

APF
Posted

Carl Icahn Federal Mogul Tenneco

Auto parts maker Tenneco is buying Federal-Mogul from Carl Icahn's Icahn Enterprises in a deal worth $5.4 billion in cash and stock.

Tenneco will then separate the combined companies into two separate stocks in a tax-free spinoff, one focusing on "aftermarket and ride performance," the other on "powertrain technology."

"We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation," Icahn said in a statement. "This transaction is an excellent example of our general modus operandi at Icahn Enterprises, by which we seek to acquire undervalued assets, nurture, guide and improve their condition and operations, and ultimately develop them into more valuable businesses, which greatly enhances value for all shareholders."

Icahn acquired control of Federal Mogul, a maker of wiper blades and spark plugs, in 2008. The activist investor then took it private in January 2017.

Tenneco shares jumped more than 6 percent in premarket trading Tuesday.

The sale to Icahn, made up of $800 million in cash and 29.5 million shares of Tenneco stock, is expected to close in the second half of the year.

Source: https://www.cnbc.com/2018/04/10/icahn-selling-federal-mogul-to-tenneco-for-5-point-4-billion.html

Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Go To Topic Listing Auto Parts Brands and Manufacturers

  • Similar Content

    • Alex
      Tenneco Expands Semi-Active Suspension Techogy To North American SUV Market
      By Alex
      WATERFORD, Mich. – Tenneco said it will expand its portfolio of continuously variable semi-active suspension (CVSA) technology to the North American SUV market.
      The technology has been launched on more than 40 vehicle models globally, according to the company.
      “With SUVs and light trucks accounting for more than 60 percent of vehicle sales in North America, it presents an ideal opportunity to expand electronic suspension technology to this important market segment,” said Ben Patel, vice president and chief technology officer for Tenneco. “Consumers expect the same comfort, control and refinement in the ride and handling of SUVs as they find in today’s leading sedans. Tenneco’s proven CVSA solutions meet these expectations without compromising ride comfort for handling.”
      CVSA technology is part of the Monroe Intelligent Suspension portfolio. It is designed to adjust to changing road conditions in real time, continuously sensing the road and driving conditions and adjusting the damper within milliseconds.
      CVSAe utilizes an externally mounted electronic valve that independently adjusts the damper’s compression performance in real time for a more comfortable and controlled ride. CVSA2 features two electro-hydraulic valves that control the damper’s rebound and compression motions independently, delivering a larger tuning range for higher levels of comfort and control, according to Tenneco.
      Visit www.monroeintelligentsuspension.com for more information.
×

Copyright © 2018 AutoPartsForum.com Powered by Invision Community