Federal-Mogul Corp.'s acquisition binge suffers a setback, as its latest target, U.K. brake and electronics specialist LucasVarity plc, accepts a better offer from TRW Inc. The LucasVarity/TRW deal creates a $12.8 billion supplier capable of meeting original equipment manufacturer (OEM) demands for greater modular assemblies. But Federal-Mogul Chief Executive Richard Snell is not ready to walk away from the deal. U.K. officials have granted a Federal Mogul request under U.K. Takeover Code, ...

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