SOUTHFIELD (AP) — The debt heavy auto parts company Federal-Mogul, based in Southfield is being sold in a deal worth about $5.4 billion.

Owned by Carl Icahn, Icahn Enterprises will get $800 million in cash and 29.5 million shares from buyer Tenneco. The Lake Forest, Illinois, auto parts maker said Tuesday that it will split the company into two parts, both to be traded publicly.

Icahn Enterprises bought a majority stake in Federal Mogul in 2008 and took full ownership of the company last year.

Tenneco expects the deal to close later this year and it plans to split the auto parts and powertrain technology wings into individual entities in 2019.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

More From CBS Detroit

Best Cooking Classes In DetroitLearn how to whip up some wonderful dishes while having fun!
5 Bucket List Items To Cross Off In DetroitThe “must-do” items for anyone making a trip to Detroit.
Best Spots For A Quick Lunch In Downtown DetroitThese places will get you in and out.

Watch & Listen LIVE