logo
Share SHARE
FONT-SIZE Plus   Neg

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) and electronics maker NEC Corp. (NIPNF.PK), the Journal said.

The Journal said that German industrial conglomerate Siemens AG (SI) 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
French aircraft maker Dassault Aviation SA said Wednesday that following repeated delays, it has terminated a contract with French defense company Safran for its Silvercrest engine that was intended to power Dassault's Falcon 5X business jet. Walt Disney Co. has agreed to buy certain assets of Rupert Murdoch's Twenty-First Century Fox, Inc. for about $52.4 billion in stock, the two companies said Thursday. Immediately prior to the acquisition by Disney, 21st Century Fox will separate the Fox Broadcasting network, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off. Crypto Co., engaged in the digital currencies and blockchain sector, announced its plans to execute a 10-for-1 stock split, citing the significant growth in the value and demand for its shares amid the ongoing digital currency market boost. CEO Mike Poutre said, ""We are aware of the recent fluctuation in our stock, and want to see orderly market activity surrounding the trading of our stock."
comments powered by Disqus
Follow RTT