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Icahn to sell Federal-Mogul to Tenneco for $5.4 billion

Acquisition   Tenneco plans to separate into two independent companies

Carl Icahn said he was selling auto parts maker Federal-Mogul to Tenneco in a $5.4 billion deal.

Tenneco plans to separate into two independent, publicly traded companies - one focusing on powertrain products and the other on auto parts such as suspensions and axle dampers - after the deal closes.

The new bulked up powertrain technology company will likely benefit from the fact that internal combustion engine parts and tailpipe exhaust scrubbing technology will be needed by automakers for a long time to come, before they can be replaced by newer technologies such as fully electric cars.

The aftermarket parts company would provide a potentially steady cash flow.


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