Tenneco set to buy Federal-Mogul for $5.4 billion

Tenneco, the global aftermarket parts supplier is set to purchase Federal-Mogul in a deal believed to be worth $5.4 billion.

It is understand the deal will be funded with $800 million in cash, and a combination of Tenneco shares and debt.

Federal-Mogul owns a number of automotive brands including Ferodo, Champion, Beru and Moog, while Tenneco is well known for its Monroe and Walker brands.