Brendan McDermid/Reuters
- Carl Icahn has agreed to sell auto parts maker Federal-Mogul to Tenneco for $ 5.4 billion.
- Tenneco will pay $ 800 million in cash and 29.5 million of its common shares, in addition to taking on debt.
(Reuters) – Activist investor Carl Icahn said on Tuesday he was selling auto parts maker Federal-Mogul to Tenneco Inc <TEN.N> in a $ 5.4 billion deal that will also give him a stake in the company.
Tenneco’s shares rose 6 percent to $ 59.03 in early trading, while Icahn Enterprises <IEP.O> was up about 2 percent at $ 60.81.See the rest of the story at Business Insider
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