Deals
China’s Wanxiang Wins A123 Auction for $260 Million
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Wanxiang Group Co., China’s biggest auto-parts maker, agreed to buy most of electric car battery maker A123 Systems Inc. for $256.6 million, outbidding Johnson Controls Inc. in a U.S. bankruptcy auction.
The agreement is for assets including A123’s automotive, grid and commercial business, though it excludes the Waltham, Massachusetts-based company’s military contracts, A123 said in a statement yesterday. The accord is subject to Court approval on Dec. 11, it said. Johnson Controls said it declined to match Wanxiang’s offer, though the deal is still subject to review from the Committee on Foreign Investment in the U.S.