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American Axle Is Exploring a Sale

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American Axle & Manufacturing Holdings Inc., the $773 million auto-parts supplier, is exploring a potential sale, according to people familiar with the matter.

The Detroit-based company has hired an adviser to help with the process, the people said, asking not to be identified discussing private information. A leveraged buyout through a private equity firm is a likely option, one person said. No decision has been made and the company could decide to stand pat.