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
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT