Federal-Mogul Goetze open offer to be delayed as Tenneco re-approaches SAT

Shareholders of auto components maker Federal-Mogul Goetze (India) will have to wait longer for an open offer as Tenneco Inc. has approached the Securities Appellate Tribunal (SAT) again on the pricing recommended by the Securities and Exchange Board of India (SEBI). In March this year, SEBI had directed Tenneco to raise the open offer price for acquiring FMG shares to Rs 608.46 from Rs 400 a share, following concerns raised by shareholders. Tenneco then approached SAT against the SEBI order. In May, SAT referred the case back to SEBI for a fresh look on the pricing of the open offer. Investor Carl Icahn-owned Federal-Mogul was acquired by Tenneco in a $5.4-billion deal in April 2018, which triggered an open offer for the Indian subsidiary as well. Shareholders of Federal-Mogul have been waiting for proper offer price since April 2018 for the last more than 17 months.