SOUTHFIELD, Mich. (Jan. 19, 2017) — Billionaire investor Carl Icahn will take full ownership of Southfield-based auto parts supplier Federal-Mogul Holdings Corp. for roughly $300 million.
Icahn Enterprises L.P., through Mr. Icahn's indirect wholly owned subsidiary IEH FM Holdings L.L.C., sealed the deal after Federal-Mogul's second-largest shareholder Gabelli Asset Management Company Investors tendered 7 million shares to Mr. Icahn, providing enough shares to take over the public company outright, Bloomberg reported.
Mr. Icahn previously owned 82 percent of the Federal-Mogul shares.
The deal, announced Jan. 19 by Icahn Enterprises, ends a nearly year-long quest for Mr. Icahn to acquire the supplier.