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Federal-Mogul Successfully Completes Equity Offer

18 December 1998

Federal-Mogul Successfully Completes Equity Offer

    SOUTHFIELD, Mich., Dec. 18 -- Federal-Mogul Corporation
, today announced it has successfully completed a secondary equity
offering of 14 million shares of common stock at $56 15/16 per share.
    "We are very pleased with this successful offering," said Dick Snell,
chairman and chief executive officer.  "The offering broadened our shareholder
base and was well oversubscribed.  The investment community has given our
growth strategy a very significant vote of confidence.  We're entering the new
year with the financial strength to continue building on the progress we made
in 1998."
    After expenses and underwriting discounts, Federal-Mogul will realize
proceeds of approximately $774 million.  Federal-Mogul intends to apply net
proceeds of the offering to reduce the interim term loan facility associated
with the acquisition of the automotive division of Cooper Industries.
    Bear, Stearns & Co. Inc. was the lead underwriter.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $7 billion
automotive parts manufacturer providing innovative solutions and systems to
global customers in the automotive, light truck, heavy-duty, railroad, farm
and industrial markets.  The company was founded in 1899.  Visit the company's
web site at http://www.federal-mogul.com for more information.  Federal-
Mogul's press releases are available by fax through Company News On-Call, call
800-758-5804, ext. 306225.