| 4:07 PM EST

Icahn Offers to Buy Federal-Mogul Outright


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Investor Carl Icahn, who owns 82% of Federal-Mogul Holdings Corp., has offered to buy the remaining 18% of the company.

Icahn is offering $7 per share, a 41% premium. Federal-Mogul says a group of its independent directors will review the offer.

In January the company canceled a plan to retain its original-equipment Powertrain unit and spin off it Motorparts aftermarket business. Instead, Federal-Mogul said it would retain both operations as divisions, each with its own CEO.

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