Icahn Enterprises L.P. (NASDAQ: IEP) today announced that it fully completed the sale of Federal-Mogul LLC to Tenneco Inc. (NYSE: TEN) for $800 million in cash and 29.5 million shares of Tenneco common stock.
“Icahn Enterprises acquired majority control of Federal-Mogul in 2008 when we saw an out-of-favor market opportunity for a great company,” said Carl C. Icahn, Chairman of Icahn Enterprises. “During that time, we have built one of the leading global suppliers of automotive products. 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.”
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