Nod for plan
Source: Agencies |
December 1, 2012, Saturday
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Print Edition
Print Edition
CHINA has approved a plan by Wanxiang Group Corp, a major Chinese auto parts maker, to buy bankrupt US battery maker A123 Systems Inc, although a deal still hinges on the outcome of an auction next month and US government approval. A123, a maker of lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection in October with a plan to sell its battery business to Milwaukee-based Johnson Controls for US$125 million. The planned sale will depend on whether better bids are received at next month's auction. Wanxiang has said it intends to make a bid.
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