What the future holds for the automotive industry is anyone's guess, but it's a safe bet that electric vehicles aren't going anywhere and fully automated cars aren't far from being a reality. Suppliers and original equipment manufacturers have a golden opportunity to build the next generation of mobility, and some of them aren't waiting around.
Federal-Mogul goes private
Carl Icahn generally gets what he wants, and he wanted all of Federal-Mogul Corp.
The billionaire investor completed his acquisition for the remaining stock of the Southfield, Mich.-based automotive supplier for about $300 million. Subsequently, the company was de-listed from the NASDAQ Global Select Market exchange.
The deal ended Icahn's year-long quest to acquire Federal-Mogul, gradually upping his offer to $10 per share in January, up from $7 per share in February 2016. Combined with Icahn Enterprises L.P.'s $1.03 billion acquisition of auto parts retail chain Pep Boys in 2015, many experts believe Icahn plans to use the parts retailer as a machine for Federal-Mogul parts. Some fear this plan will hurt the company in the long term.