According to Reuters, China Wanxiang Group will compete with a number of companies such as Johnson Controls Inc. in the United States to bid for the assets of bankruptcy-protected battery supplier A123 Systems.
The Delaware Bankruptcy Court will hold an auction on December 6. In addition to Wanxiang and Johnson Controls, it is reported that both NEC and Siemens Germany are interested in acquiring A123 assets. However, only the Japanese electrical representative acknowledged the acquisition intention, while Siemens did not confirm it.
On November 8th, Wanxiang Group told Kevin Carey, a judge of the Delaware Bankruptcy Court, that it had issued a secret quotations on A123 on the 7th, in order to acquire the assets of the entire A123 company. Johnson Controls and A123 had previously reached a memorandum to prepare for the acquisition of its automotive battery business.
In August this year, Wanxiang had signed a non-binding investment letter of intent with A123 to acquire 80% of its common equity, but it was questioned by US lawmakers. The reason for the congressmen is that the multi-billion-dollar U.S. taxpayers’ funds will flow to overseas companies through the auto industry recovery act, and the acquisition of A123 shares by Wanxiang will further exacerbate this trend.
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