New York-based private equity fund Apollo Global Management Inc. offered to acquire Tenneco Inc.'s powertrain business for about $4.3 billion, The Wall Street Journal reported Dec. 10, citing people familiar with the matter.

However, the automotive-parts maker is reportedly expected to reject the bid because it includes several adjustments and does not assume pension and other liabilities linked to the powertrain division, thereby reducing the offer's overall value.

Tenneco's long-term debt stood at $5.41 billion as of the end of September, according to the report. It has a stock value of about $1.1 billion.

In 2018, the Lake Forest, Ill.-based company acquired auto-parts supplier Federal-Mogul LLC from activist investor Carl Icahn of Icahn Enterprises LP for $5.4 billion, including debt.

It was also last year when Tenneco announced its plan to split its powertrain and DriV auto-parts units. Tenneco initially planned to close the split by the second half of 2019 but has since moved it to mid-2020 as the company continues to evaluate "multiple strategic options to deleverage and facilitate the separation," the Journal said.

Tenneco and Apollo did not immediately respond to S&P Global Market Intelligence's requests for comment.