NEW YORK -- Reuters is reporting that Federal-Mogul’s Non-Executive Chairman Carl Icahn is offering up a portion of his shares in the company, which recently emerged from Chapter 11.

Icahn's firm Thornwood Associates has offered to sell some of its shares to investment firm Nineteen Eighty-Nine at the price it had bought them.

Reuters reports that Thornwood exercised options to buy 50.1 million of Federal-Mogul's Class B shares on Feb 25. Under the option agreement, the aggregate purchase price for the shares was $900 million.

Thornwood has been involved with Nineteen Eighty-Nine in various deals related to the purchase and sale of Federal-Mogul's securities.

Thornwood's offer would lower its ownership in the company to about 69.38 percent. Thornwood currently owns 75.24 percent of Federal-Mogul.

According to the Reuters report, Thornwood has also designated three directors to fill vacancies created after the resignation of Federal-Mogul's Class B directors due to the exercise of the options.