Icahn Enterprises offers to buy Federal-Mogul Holdings Corp

Icahn Enterprises, Carl Icahn’s investment company, has offered to buy the remaining 18% of Federal-Mogul Holdings Corp.

Icahn Enterprises currently own the other 82% of Federal-Mogul and has offered $7 a share for the company. Following this news, shares of the Federal-Mogul Holding Corp. soared over 40%.

It’s said that Icahn Enterprises has taken a focus on the auto business after a year of slow growth in its energy business.

You can read more about the offer at Fortune.com.