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Wanxiang Still Wants to Acquire A123 Systems
China's Wanxiang Group Corp., which agreed in August to buy most of A123 Systems Inc., says it remains interested in acquiring the maker of lithium-ion batteries, which filed for bankruptcy earlier this week.
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China's Wanxiang Group Corp., which agreed in August to buy most of A123 Systems Inc., says it remains interested in acquiring the maker of lithium-ion batteries, which filed for bankruptcy earlier this week.
Johnson Controls Inc. has offered to pay $125 million for A123's automotive business, which supplies batteries for hybrid and electric vehicles. JCI also pledged $73 million of debtor-in-possession financing to fund A123 operations during reorganization.
Ni Pin, president of Wanxiang's U.S. unit, tells reporters his company wants to buy all of A123's assets, including units that make batteries for grid energy storage and commercial and government use. Ni opines to Bloomberg News that A123 could be an even more attractive acquisition after it sheds its debt and other obligations in Chapter 11.
The Chinese company's earlier offer to buy 80% of the battery maker for as much as $465 million unraveled because of "unanticipated and significant" challenges. Ni tells Bloomberg the Chinese company encountered no opposition from American regulators.
A123 has asked the federal bankruptcy judge to conduct an auction of its assets on Nov. 19 and hold a sale hearing on Nov. 26.
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