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Topics:  Federal-Mogul

Announced Actions for December 15, 1998

Agency: Federal Trade Commission Date: 15 December 1998 [Non-automotive content removed.]

The Federal Trade Commission today announced the following action.

Commission action regarding applications for approval: Following a public comment period, the Commission has ruled on an application for approval of a transaction from the following:

• The Commission has approved Federal-Mogul Corporation's application to divest Glacier Vandervell Bearings Group to Dana Corporation. The divestiture is required under the terms of a final order with Federal-Mogul which settles charges that its $2.4 billion takeover of its competitor in the thinwall bearings industry, T&N, violated antitrust laws because, between them, the companies controlled a substantial percentage of thinwall bearing production in the United States. The Commission vote to approve the divestiture was 4-0. (See news releases dated March 6, 1998; December 9, 1998; Docket No. C-3836; FTC File No. 981 0011; Staff contact is Philip M. Eisenstat 202-326-2769)

Media Contact:

Office of Public Affairs
202-326-2180