Federal-Mogul Corp., the auto-parts supplier controlled by billionaire investor Carl Icahn, says that it hired financial advisory firm Lazard to assist the company in evaluating strategic alternatives.
The company didn't give details on the types of alternatives it is considering, in a statement released Friday. The term "strategic alternatives" can include options such as an acquisition by another company or an outside investment.
Icahn Associates Corp. holds a 76 percent stake in the company, according to LionShares data provided by FactSet.
Shares of Federal-Mogul, which is based in Southfield, Mich., rose 9.6 percent Friday, or $2.16, to close at $24.78.