China’s Wanxiang Wins Bidding for Battery Maker A123, WSJ Says
China’s Wanxiang America Co. won the bidding for A123 Systems Inc. (AONEQ), a maker of electric-car batteries, the Wall Street Journal reported, citing an unidentified person familiar with the matter.
Wanxiang bid between $250 million and $260 million, which surpassed an joint offer from Johnson Controls Inc. (JCI) and NEC Corp. (6701), the newspaper said. Germany’s Siemens AG (SIE) had also bid for A123 during the auction held by the law firm of Latham & Watkins, the WSJ said.
A spokesman for A123 declined to comment to the WSJ, while a spokeswoman for Johnson Controls wasn’t immediately reached by the newspaper.
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