Icahn Enterprises Offers To Buy Remaining Stake In Federal-Mogul For $7 a Share In Cash

Icahn Enterprises LP is offering to buy Federal-Mogul Holdings Corp. for $7 a share in cash, the transportation equipment supplier said in a statement. Billionaire investor Carl Icahn's investing arm already owns 82% of Federal-Mogul, and will only push ahead with a deal if two conditions are met. These are that the deal must be approved by a special committee made up of independent directors, and must also be approved by the majority of the holders of shares not affiliated with Icahn Enterprises. Federal-Mogul shares were halted in premarket trade, but closed at $4.98 on Friday. Icahn Enterprises shares were not yet active.