Breaking News
FONT-SIZE Plus   Neg
Share SHARE

WSJ: Wanxiang America Wins Bid To Acquire Assets Of A123 Systems

Chinese-owned auto-parts company Wanxiang America Corp. won a bid to acquire the assets of bankrupt battery maker A123 Systems Inc. (AONEQ.PK), the Wall Street Journal reported, citing a person familiar with the matter.

Wanxiang bid between $250 million and $260 million, which surpassed a combined offer from The Milwaukee, Wisconsin-based auto-parts manufacturer Johnson Controls Inc. (JCI: Quote) and electronics maker NEC Corp. (NIPNF.PK), the Journal said.

The Journal said that German industrial conglomerate Siemens AG (SI: Quote) also submitted a bid at the auction, which kicked off Thursday at the Chicago office of Latham & Watkins, the law firm representing A123 in its Chapter 11 case.

The Chinese manufacturer initially offered about $131 million for A123's assets, the Journal said citing a person familiar with the proposal. Johnson Controls had initially offered $125 million for A123's assets.

In October, A123 Systems, along with all of its U.S. subsidiaries, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company had said that its subsidiaries located outside the U.S. were not included in the filings.

Register
To receive FREE breaking news email alerts for A123 Systems Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
With a substantial decrease in energy prices more than offsetting higher prices for food and shelter, the Labor Department released a report on Wednesday showing an unexpected drop in U.S. consumer prices in the month of August. After ending the previous session notably higher, stocks may show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 2 points. Policymakers of the Bank of England split on the rate decision in September as two members repeated their call for a quarter- point hike given the rapid absorption of slack with economic growth. The British unemployment rate continued to fall in July, reaching the lowest since late 2008, and jobless claims declined more than expected in August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.