Auto parts supplier Federal-Mogul Corp (FDML.O) said it is turning its attention to strategic acquisitions, but indicated it would still be open to a takeover. Federal-Mogul's new focus on targeted purchases and growth of existing businesses is "based on its previously announced review of strategic options," the company said on Thursday in announcing better-than-expected second-quarter earnings. The company, majority-owned by billionaire investor Carl Icahn, hired Lazard in March to evaluate its options. People familiar with the matter said those options include a sale of the company. But bidders lost interest, put off by the jump in Federal-Mogul's stock price between March and May. "Without ruling out other opportunities that may present themselves, (Federal-Mogul) intends at the present time to concentrate primarily on organic growth and strategic acquisitions," the company said on Thursday.
Federal-Mogul Corporation (Federal-Mogul) is a supplier of powertrain and safety technologies. Shares of FDML traded higher by 1.94% or $0.38/share to $20.01. In the past year, the shares have traded as low as $15.12 and as high as $27.20. On average, 149775 shares of FDML exchange hands on a given day and today's volume is recorded at 189029.
