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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
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.