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Federal-Mogul Calls for Redemption All of Its $3.875 Series D Convertible Exchangeable Preferred Stock

8 August 1997

Federal-Mogul Calls for Redemption All of Its $3.875 Series D Convertible Exchangeable Preferred Stock

    SOUTHFIELD, Mich., Aug. 8 --  Federal-Mogul Corporation
announced today it has called for redemption all of its
outstanding $3.875 Series D Convertible Exchangeable Preferred Stock.
    On the redemption date, August 28, 1997, holders of preferred stock not
previously converted to common stock will receive approximately $19.68 for
each share redeemed (which includes accrued dividends through the redemption
date.)
     Each share of preferred stock is convertible into 2.778 shares of common
stock until 5 p.m., New York City time, on August 21, 1997, at which time the
right to convert will expire.  On August 7, the company's common stock closed
at $36.25  on the New York Stock Exchange.  A holder of preferred stock who
converted such shares on that date would have received common stock having a
market value, based on such closing price, of $100.70 for each share of
preferred stock converted (including cash, if any, received in lieu of
fractional shares).
    The Bank of New York is acting as redemption and conversion agent.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $2 billion
global manufacturer and distributor of a broad range of non-discretionary
parts primarily for automobiles, light trucks, heavy trucks, and farm and
construction vehicles. Visit the company's web site at
 http://www.federal-mogul.com for more information on Federal-Mogul.

SOURCE  Federal-Mogul Corporation