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Chinese Group Gets Okay to Buy A123 Assets
A government regulatory panel has approved Wanxiang Group Corp.'s acquisition of most of the assets of bankrupt lithium-ion battery maker A123 Systems Inc.
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A government regulatory panel has approved Wanxiang Group Corp.'s acquisition of most of the assets of bankrupt lithium-ion battery maker A123 Systems Inc.
The decision by the Committee on Foreign Investment in the U.S. clears the way for Wanxiang to complete the $257 million acquisition it agreed to in December.
The deal includes A123's automotive unit (which supplies batteries for electric and hybrid vehicles), its electric grid business and a stake in a Chinese joint venture.
Last month A123 agreed to sell its government business separately to Woodridge, Ill.-based Navitas Systems LLC for $2 million. The move was apparently designed to ease Congressional concerns that selling that unit to Wanxiang would put sensitive U.S. military technology in Chinese hands.
Critics have complained that Wanxiang will benefit from a $133 million grant A123 received from the U.S. Dept. of Energy to erect battery making factories in Michigan.
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