Tenneco shareholders approve Federal-Mogul buy

Tenneco has secured approval from its shareholders to acquire Federal-Mogul.

"We are very pleased with the results of the meeting and the strong vote of confidence from our stockholders," said Tenneco chairman, Gregg Sherrill.

"This is a major step forward in the creation of two strong leading global companies, each in an excellent position to capture opportunities unique to their respective markets and realigned in a way to unlock shareholder value."

During the meeting, the company announced it had received regulatory approvals required to close and expects the Federal-Mogul acquisition will close next month on 1 October.

Federal-Mogul is a global supplier to OEMs and the aftermarket with nearly 55,000 employees globally and 2017 revenues of US$7.4bn.

Additionally, the company expects to separate its businesses to form two new, independent companies, an Aftermarket and Ride Performance company as well as a new Powertrain Technology operation, in late 2019.

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