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Federal-Mogul Successfully Completes Equity Offer

8 June 1998

Federal-Mogul Successfully Completes Equity Offer

    SOUTHFIELD, Mich., June 5 -- Federal-Mogul Corporation
, today announced it has successfully completed a secondary equity
offering of 11 million shares of common stock at $58 per share.
    After expenses and underwriting discounts, Federal-Mogul will realize
proceeds of approximately $592 million.  Federal-Mogul intends to apply net
proceeds of the offering to repay the entire outstanding $500 million
principal amount of its Senior Subordinated Loans and apply the balance to
reduce other indebtedness.
    The offering represents 10.5 million new shares for Federal-Mogul.  The
additional 2.1 million shares were sold by the former Fel-Pro owners who
participated in the offering.
    The Company filed an offering prospectus with the Securities and Exchange
Commission to sell 11 million shares, and in addition the underwriters fully
exercised their over-allotment option to bring the total issued shares to
12,650,000.  Merrill Lynch & Co. was the lead underwriter for the syndicate.
Headquartered in Southfield, Michigan, Federal-Mogul is a $5 billion
automotive parts manufacturer providing innovative solutions and systems to
global customers in the automotive, light truck, heavy-duty, farm and
industrial markets.  The company was founded in 1899.  For more information on
Federal-Mogul, visit the company's web site at http://www.federal-mogul.com.
Federal-Mogul's press releases are available by fax through Company News On-
Call, call 800-758-5804, ext. 306225.