Icahn Enterprises has closed its acquisition of Federal-Mogul in an all-cash transaction for $10 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 CEO 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.