Tenneco Inc. (NYSE:TEN) made an offer to acquire remaining 25.02% stake in Federal-Mogul Goetze (India) Limited (BSE:505744) for INR 5.6 billion on April 16, 2018. The offer per share is INR 400, payable in cash. As of October 9, 2018, the offer price has been enhanced to INR 420.05. As of November 7, 2019, the offer price has been enhanced to INR 608.46 leading to a total purchase price of INR 8.5 billion. As of December 27, 2019, the offer prices was enhanced to INR 667.50 for a total purchase price of INR 9.3 billion. In a related deal, Tenneco signed a definitive agreement to acquire Federal-Mogul LLC from American Entertainment Properties Corp. for $5.4 billion on April 10, 2018. Through the deal of Federal-Mogul LLC, Tenneco Inc. will hold 74.98% stake in Federal-Mogul Goetze (India) Limited. Tenneco Inc. has adequate financial resources for the deal. The source of funds for the offer shall be a combination of Tenneco's cash and cash equivalents together, if necessary, with undrawn credit lines available with Tenneco.

The deal is subject to completion of deal for Federal-Mogul LLC, legal and statutory approvals including but not limited to approval from the Competition Commission of India and other regulatory approvals. The deal is not subject to any minimum level of acceptance. As of June 5, 2018, deal has been approved by Competition Commission of India. A special committee of independent directors is to be formed to give recommendation on the offer. All statutory approvals that are required have been obtained. As of January 1, 2020, the transaction has been recommended by a special committee of Independent Directors. The offer will commence on November 29, 2018 and expire on December 12, 2018. As per Letter of Offer published on December 30, 2019, the offer will commence on January 6, 2020 and expire on January 17, 2020.

Brijesh Parekh of CKP Financial Services Private Limited acted as manager to Tenneco Inc. Karvy Computershare Private Limited acted as registrar in the offer for Tenneco. MSKA & Associates and J.D. Jhaveri & Associates acted as accountants in the deal and JPMorgan Chase Bank N.A acted as escrow bank to Tenneco.

Tenneco Inc. (NYSE:TEN) completed the acquisition of 21.83% stake in Federal-Mogul Goetze (India) Limited (BSE:505744) for INR 8.1 billion on January 17, 2020. Upon closing, the total no of shares accepted are 12 million. The payment for the consideration was done January 28, 2020. On closing, Tenneco Inc. holds 96.82% stake in Federal-Mogul Goetze (India) Limited.