TEN - Tenneco jumps after deal Apollo deal filed with European Commission
- Tenneco ( NYSE: TEN ) rose 6.1% in premarket trading after the company's planned sale to Apollo Global ( NYSE: APO ) was filed with the European antitrust regulator.
- The European Commission was notified of the deal on Friday and a provisional deadline for the regulator's review has been set for Oct. 28, according to a post on the authority's website.
- Investors had been waiting to hear when Tenneco ( TEN ) would file its deal with the European Commission. Earlier this month Dealreporter said that Apollo ( APO ) plans to file the purchase of the autoparts supplier with the EC imminently.
- Bloomberg on Thursday reported that banks are set to start a $5.4 billion debt sale in mid-October to finance Apollo's planned purchase. Banks led by Citigroup and Bank of America are set to begin the debt sale shortly after the U.S. holiday on Oct. 10.
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Tenneco jumps after deal Apollo deal filed with European Commission