Tenneco Inc. said it will create a...

Tenneco Inc. said it will create a parent holding company that will allow it to avoid a proposed accounting change that would have substantially shrunk its borrowing power. Analysts said the Houston-based company, the target of takeover speculation for the past month, must maintain its borrowing ability in the face of recent takeover talk, including rumors that financier Carl C. Icahn has been accumulating shares of the oil, gas and manufacturing company.