Icahn Cinches Federal-Mogul Buyout

Investor Carl Icahn, who already owned 87% of supplier Federal-Mogul Corp., finalized a $300 million bid today to buy the publicly traded company outright.

The billionaire's Icahn Enterprises LP has been trying to acquire outstanding shares in Federal-Mogul since last February, when it bid $7 per share. The tender offer rose to $8 in June, $9.25 in September and $10 early this month.

The latest offer attracted 58% of the remaining shares, thereby enabling Icahn to complete the acquisition and take Federal-Mogul private.