Perfect TEN: Tenneco Purchases Federal-Mogul From Icahn And Plans A Spin Off

Tenneco (TEN) has agreed to purchase Federal Mogul from Carl Icahn for the hefty price of $5.4b. The total tag includes the assumption of debt and a mix of both cash and stock. Mr. Icahn is expected to remain a shareholder of Tenneco into the future and will own approximately 36% of the company. The deal is expected to…