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Federal-Mogul considering Delphi bid, Reuters reports

Posted Wednesday, Jul 8, 2009, 11:02 am in Employee News

Federal-Mogul Corp. is readying a renewed bid for the assets of Delphi Corp. after breaking off talks with the bankrupt auto parts maker in late May, three people with knowledge of the situation told Reuters on Tuesday.

Federal-Mogul, controlled by billionaire investor Carl Icahn, had discussions about buying all or part of Delphi before the supplier agreed to sell most of its global operations to private equity firm Platinum Equity, the sources told the news service.

But Federal-Mogul is considering a second run at Delphi after U.S. Bankruptcy Judge Robert Drain ordered Delphi to allow other bids that could compete with Platinum’s offer, the sources told Reuters. One of the sources said Icahn and Federal-Mogul have not made a final decision to move ahead with a bid for Delphi because it was not clear they would be able to match the terms of the government-brokered Platinum offer, the story said. (Reuters/Automotive News)
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