Mogul investor Carl Icahn is considering selling his huge stake in vehicle parts maker Federal-Mogul Corp., according to reports.
Icahn owns a 76% stake in Federal-Mogul and is non-executive chairman of the board. Reports say he is feeling out potential buyers, and that he has retained Lazard Ltd. to provide assistance.
Based in Southfield, Mich., Federal-Mogul emerged from lengthy bankruptcy reorganization in December 2007 with Icahn in control. Analysts say Federal-Mogul has long-term debt of about $2.8 billion and sales of about $6 billion, making any deal value about $5 billion.
Federal-Mogul produces and sells parts for consumer, light commercial, heavy-duty and off-highway vehicles, as well as parts for power generation, aerospace, marine and rail industries.