Federal-Mogul Goetz parent company Tenneco merges with Pegasus Merger Co., Stock shoots up ~7%

24 Feb 2022 , 11:42 AM

Federal-Mogul Goetz Limited holding company Tenneco Inc, has entered a merger agreement with Pegasus Merger, a wholly-owned subsidiary of Pegasus Holdings. According to the Plan of Merger signed on February 23, 2022, Tenneco Inc. is being merged with Pegasus Merger Co., a corporation established under the laws of Delaware.

Effective upon the closing of the transactions described in the Merger Agreement, Merger Sub will merge with and into Tenneco Inc., with Tenneco Inc. continuing as the surviving corporation and a direct wholly-owned subsidiary of the Parent.

At around 11.46 am, Federal-Mogul Goetze (India) Ltd was trading at Rs268.25 per piece up by Rs17 or 6.77% from its previous closing of Rs251.25 per piece on the BSE.

“The management team will remain in their current roles as we enter this next chapter of growth and development of our business. This change of ownership will have little impact on the day to day activities of our company and our focus will remain on executing our business plan.

We will be working closely with the leadership team of the Parent over the next weeks and months to ensure a smooth transition of our business to a new ownership structure,” Matti Masanovich, the Chief Financial Officer of Tenneco Inc.