Apollo Said to Bid $4.3 Billion for Tenneco Powertrain Unit (1)

Apollo Global Management Inc. has offered to buy Tenneco Inc.’s powertrain business for $4.3 billion, according to people familiar with the matter.

The private equity firm’s bid, described by people who asked not to be identified because the matter isn’t public, represents a significant sum relative to the $7 billion enterprise value of the auto-parts maker. The Lake Forest, Illinois-based company’s stock had slumped 52% this year through Monday’s close as earnings have slumped.

Tenneco shares rose 7.8% to close at $14.28 on Tuesday, the highest since Nov. 12, after the Wall Street Journal first reported Apollo’s bid. ...