Auto Service World
News   June 15, 2009   by Auto Service World

Icahn Making a Run at Delphi?

Federal-Mogul non-executive chairman Carl Icahn, whose activist approach to shareholding has become legendary, is rumoured to be making another run at owning Delphi Corp. after a U.S. judge opened up bidding for the bankrupt company.

According to a New York Post report Icahn is considering the bid for the General Motors spinoff after a judge said that competing offers to that by Platinum Equity would be accepted until July 10.

This is not the first time Icahn has tried to get ownership of Delphi. Through Federal-Mogul Corp, discussions had been held with Delphi until the U.S. auto task force appointed by President Barak Obama pushed through the deal with Platinum, announced on June 1, said the newspaper.

Troy, Michigan-based Delphi was spun off from General Motors in 1999 and filed for bankruptcy in 2005.

Federal-Mogul, which emerged from bankruptcy protection in late 2007, said last month it had more than $1.2 billion of available liquidity.


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