Auto Parts Manufacturing company Federal-Mogul, owned by Carl Icahn's Organization, is being sold in an deal worth about $5.4 billion.
Icahn Enterprises will get $800 million in cash and 29.5 million shares from buyer Tenneco. The Lake Forest, Illinois, vehicle parts makers said Tuesday that it will part the organization into two sections, both to be traded publicly.
Icahn Enterprises purchased a larger part stake in Federal Mogul in 2008 and took full ownership of the organization a year ago.
Tenneco anticipates that the deal will close not long from now and it intends to split the organization, situated in Southfield, Michigan, into plans to split the auto parts and powertrain technology wings into individual entities in 2019.
