Tenneco Completes Federal-Mogul Acquisition; $73 FVE Unchanged
Narrow-moat-rated Tenneco announced the completion of the acquisition of Federal-Mogul from Icahn Enterprises for an enterprise value of $5.4 billion. Next year, the newly formed entity will separate into two publicly traded companies, one that focuses on powertrain and a second that contains ride performance and aftermarket products. Management expects to complete the separation in the second half of 2019. We are maintaining our $73 fair value estimate on the resulting synergies from cross-sell...Tenneco designs, manufactures and sells products and services for light vehicle, commercial truck, off-highway, industrial and aftermarket customers. As a parts supplier, the company produces individual component parts for vehicles as well as groups of components that are combined as modules or systems within vehicles. These parts, modules, and systems are sold to the light vehicle and commercial truck manufacturers as well as aftermarket customers, including independent warehouse distributors, distributors, engine rebuilders, retail parts stores, mass merchants, and service chains. The company operates in four segments, consisting of the following: Clean Air, Powertrain, Motorparts, and Ride Performance.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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