Icahn selling auto parts maker for $5.4B

Carl Icahn's Icahn Enterprises is selling auto parts maker Federal Mogul for $5.4 billion.

Tenneco is the buyer in the cash-and-stock deal, according to CNBC.

"We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation," Icahn said in a statement. "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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