NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Federal-Mogul
Holdings Corporation ("Federal-Mogul"; NASDAQ: FDML) and Icahn
Enterprises L.P. ("Icahn Enterprises"; NASDAQ: IEP) today announced
that Icahn Enterprises has closed its acquisition of Federal-Mogul
in an all-cash transaction for $10.00
per share. As a result of the completion of the merger, the common
stock of Federal-Mogul will no longer be listed for trading on the
NASDAQ Global Select Market or any other exchange.
Federal-Mogul will continue to operate through its separate
Powertrain and Motorparts segments, each with its own Chief
Executive Officer reporting to the board of directors of
Federal-Mogul. Upon completion of the merger transaction,
Federal-Mogul is now a wholly owned subsidiary of Icahn
Enterprises, but will not merge or be combined with any other
operating subsidiary of Icahn Enterprises. Federal-Mogul will
continue to be governed by a board of directors and audit committee
including independent directors and will continue to prepare
separate, audited financial statements, which will be reflected in
Icahn Enterprises' financial results.
About Federal-Mogul
Federal-Mogul Holdings Corporation (NASDAQ: FDML) is a leading
global supplier of products and services to the world's
manufacturers and servicers of vehicles and equipment in the
automotive, light, medium and heavy-duty commercial, marine, rail,
aerospace, power generation and industrial markets. Federal Mogul's
products and services enable improved fuel economy, reduced
emissions and enhanced vehicle safety.
Federal-Mogul operates two independent business divisions, each
with a chief executive officer reporting to Federal-Mogul's Board
of Directors.
Federal-Mogul Powertrain designs and manufactures original
equipment powertrain components and systems protection products for
automotive, heavy-duty, industrial and transport applications.
Federal-Mogul Motorparts sells and distributes a broad portfolio
of products through more than 20 of the world's most recognized
brands in the global vehicle aftermarket, while also serving
original equipment vehicle manufacturers with products including
braking, wipers and a range of chassis components. The company's
aftermarket brands include ANCO® wipers; Beck/Arnley® premium OE
quality parts and fluids; BERU®* ignition systems; Champion®
lighting, spark plugs, wipers and filters; Interfil® filters; AE®,
Fel-Pro®, FP Diesel®, Goetze®, Glyco®, Nüral®, Payen® and Sealed
Power® engine products; MOOG® chassis components; and Ferodo®,
Jurid® and Wagner® brake products and lighting.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide
headquarters in Southfield,
Michigan. The Company employs nearly 50,000 people in
34 countries. For more information, please visit
www.federalmogul.com.
*BERU is a registered trademark of BorgWarner Ludwigsburg
GmbH
About Icahn Enterprises L.P.
Icahn Enterprises L.P. (NASDAQ: IEP), a master limited
partnership, is a diversified holding company engaged in ten
primary business segments: Investment, Automotive, Energy, Metals,
Railcar, Gaming, Mining, Food Packaging, Real Estate and Home
Fashion.
Statements in this press release may contain, in addition to
historical information, certain forward-looking statements. Some of
these forward-looking statements may contain words like "believe,"
"may," "could," "would," "might," "possible," "should," "expect,"
"intend," "plan," "anticipate," or "continue," the negative of
these words, other terms of similar meaning or they may use future
dates. Such forward-looking statements are based on current
expectations that involve a number of known and unknown risks,
uncertainties and other factors which may cause actual events to be
materially different from those expressed or implied by such
forward-looking statements. Other factors may cause
Federal-Mogul's actual results to differ materially from those
expressed or implied in the forward-looking statements and such
factors are discussed in Icahn Enterprises' and Federal-Mogul's
filings with the U.S. Securities and Exchange Commission ("SEC"),
including the "Risk Factors" sections of their Annual Reports on
Form 10-K for the year ended December 31, 2015 and
subsequent quarterly reports on Form 10-Q, as well as the
Tender Offer Statement on Schedule TO/Schedule 13E-3 filed by Icahn
Enterprises with the SEC and the Solicitation/Recommendation
Statement and Schedule 13E-3 filed by Federal-Mogul with the SEC.
Icahn Enterprises and its affiliates do not undertake any
obligation to update any forward-looking statements as a result of
new information, future developments or otherwise, except as
expressly required by law. All forward-looking statements in this
press release are qualified in their entirety by this cautionary
statement.
The forward-looking statements included in this announcement
are made as of the date hereof. Icahn Enterprises is not under any
obligation to (and expressly disclaims any such obligation to)
update any of the information in this press release if any
forward-looking statement later turns out to be inaccurate whether
as a result of new information, future events or otherwise, except
as otherwise may be required by the federal securities
laws.
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SOURCE Icahn Enterprises L.P.