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A123 Wins Court Approval to Sell Assets to Wanxiang

Wanxiang Group Co. won court approval to buy most of the assets of A123 Systems Inc., the failed electric-car battery maker backed with U.S. government funds, for about $256.6 million.

U.S. Bankruptcy Judge Kevin Carey approved the sale, which has raised concern from some Republican lawmakers, at a hearing yesterday in Wilmington, Delaware, saying “the auction was robust, the price is adequate.” The deal is still subject to review by the Committee on Foreign Investment in the U.S.