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September 17, 2018 02:00 AM

Tenneco shareholders approve $5.4 billion Federal-Mogul acquisition

Crain's Detroit Business
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    Once Tenneco and Federal-Mogul combine and split into two separate companies, the pair is expected to be headquartered in the Chicago and Detroit areas. Federal-Mogul's current headquarters (pictured) is in Southfield, Mich.

    DETROIT — Tenneco Inc's shareholders have approved proposals needed for the company's $5.4 billion acquisition of auto parts competitor Federal-Mogul from billionaire investor Carl Icahn.

    The company said Sept. 12 that the deal has received all necessary regulatory approvals, and is expected to close Oct. 1.

    The acquisition is a step toward the ultimate goal of separating back into two new public companies — one focused on replacement auto parts and the other on powertrain technology. Now, both companies compete in both sectors.

    The companies said in April that split is expected to happen in the first half of next year.

    Lake Forest, Ill.-based Tenneco plans to pay for the acquisition with $800 million in cash, about 30 million Tenneco shares and the assumption of debt.

    Tenneco said the three proposals passed with more than 90 percent of shares voted in favor.

    After the combined companies split up again, it's expected that headquarters for each company will remain in the Detroit and Chicago areas.

    The companies generated a combined $13.7 billion in direct sales with auto makers during the 2017 calendar year, not including their vast aftermarket parts businesses, according to the Automotive News list of the top 100 global suppliers.

    Tenneco ranked No. 32 on that list while Federal-Mogul came in at No. 43.

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