Tenneco (TEN) has signed a definitive agreement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. (IEP) for a total consideration of $5.4B to be funded through cash, Tenneco equity and assumption of debt.

During that time, we have built one of the leading global suppliers of automotive products. I am very proud of the business we have built at Federal-Mogul and agree with Tenneco regarding the tremendous value in the business combination and separation into two companies. We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation.”