Tenneco to acquire Federal-Mogul for $5.4 billion, plans split into two companies

Tenneco signed a definitive agreement to acquire Federal-Mogul from Icahn Enterprises for $5.4 billion. The acquisition will be followed by a separation into two independent public companies: an aftermarket and ride performance company, and a powertrain technology company.

“Transformational acquisition accelerates long-term value creation by creating two focused, purpose built industry leaders in their respective markets with greater scale, and strategic and financial flexibility.”tenneco.com

• 2 sources
• tenneco.comTenneco to Create Two Independent, Public Companies with Acquisition of Federal-Mogul | TennecoApr 10, 2018
• autonews.comTenneco to buy Federal-Mogul for $5.4 billion - Automotive NewsDustin WalshApr 10, 2018

Summarized from public sources; check the original articles before acting on it.