American Axle gains amid takeover speculation

American Axle & Manufacturing Holdings (NYSE:AXL) rose 3.5% amid takeover speculation after the company added a new director on Wednesday.

American Axle on Wednesday disclosed that former Cooper-Standard (CPS) executive Aleksandra Miziolek was elected to the company's board, according to a statement.

The addition of Miziolek to the board may be noteworthy as the executive was on the board of AXL competitor Tenneco when it was sold to PE firm Apollo Global (APO) in 2022, Dealreporter highlighted in its "morning flash" piece on Thursday. The Miziolek news may renew speculation that AXL may be a potential takeover target.

Takeover speculation is not new to American Axle (AXL) after reports in 2022 about potential interest. Bloomberg reported in November 2022 that Melrose Industries PLC (OTCPK:MLSPF) was evaluating combining its GKN Automotive unit with AXL. AXL also contacted peers, including BorgWarner (BWA) and Dana Inc. (DAN) to see their interest in a deal.

Bloomberg also reported in May 2022 that the auto parts supplier was exploring a potential sale and hired an adviser to help with the process. At the time of the report American Axle (AXL) said it was not involved in any process to sell the company.