American Axle attracts interest from potential suitors - Bloomberg News
03/11/2022 18:49
Nov 3 (Reuters) - Automotive supplier American Axle &
Manufacturing Holdings Inc AXL.N is attracting interest from
suitors including London-listed Melrose Industries MRON.L ,
Bloomberg News reported on Thursday, citing people familiar with
the matter.
Shares of American Axle jumped 17.1% to $10.70, the biggest
one-day percentage rise in almost two years, on reports of deal
talks that come at a time when rising interest rates have forced
lenders to pull back from financing large deals. urn:newsml:reuters.com:*:nL4N30Y395
American Axle is also said to have drawn the interest of
other auto parts suppliers including BorgWarner Inc BWA.N and
Dana Inc DAN.N for potential tie-ups or asset deals, the
report said.
A deal with American Axle could help Melrose Industries' GKN
Automotive build scale in the car-parts industry and gain a
public listing in New York, the report said.
Melrose Industries, which owns British engineer GKN, last
month announced its plan to separate GKN Automotive and GKN
Powder Metallurgy divisions. urn:newsml:reuters.com:*:nL4N30F0TH
American Axle, BorgWarner and Dana did not immediately
respond to Reuters' request for comments, while Melrose said,
"it does not comment on speculation."
(Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini
Ganguli)
((Kannaki.Deka@thomsonreuters.com;))