[Federal Register Volume 63, Number 65 (Monday, April 6, 1998)]
[Notices]
[Page 16832]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-8926]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration (Federal-Mogul Corporation, Common Stock, No Par
Value); File No. 1-1511
March 31, 1998.
Federal-Mogul Corporation (``Company'') has filed an application
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and
Rule 12d2-2(d) promulgated thereunder, to withdraw the above specified
security (``Security'') from listing and registration on the Pacific
Exchange, Inc. (``Exchange'' or ``PCX'').
The reasons cited in the application for withdrawing the Security
from listing and registration include the following:
The Security also is listed for trading on the New York Stock
Exchange, Inc. (``NYSE'').
The Company has represented that the volume of trading in the
Security conducted on the PCX is minimal compared to the volume of
trading in the Security conducted on the NYSE. According to the
Company, the total number of shares of the Security traded on the PCX
in 1997 (611,896) represents less than three days of trading volume in
the Security on the NYSE. The Company also stated that large holders of
the Security located on the west coast do not use the PCX to trade the
Security. Finally, the Company represented that the extra work
performed by the Company's investor relations and legal departments in
relation to the Security's listing on the PCX is not justified by the
benefits of such listing.
At its meeting held on February 4, 1998, the Company's Board of
Directors authorized the Company's management to proceed with the
voluntary delisting of the Security from the Exchange.
In its letter dated March 4, 1998, the Exchange informed the
Company that it would not object to the withdrawal of the Security from
listing and registration on the Exchange.
The Company has represented that the Security will continue to be
listed for trading on the NYSE.
Any interested person may, on or before April 17, 1998, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether
the application has been made in accordance with the rules of the
Exchange and what terms, if any, should be imposed by the Commission
for the protection of investors. The Commission, based on the
information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-8926 Filed 4-3-98; 8:45 am]
BILLING CODE 8010-01-M
