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Wanxiang seals US$260m bid for A123
Source: Bloomberg News |
December 10, 2012, Monday
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Print Edition
Print Edition
CHINA'S Wanxiang Group bid US$260 million for assets of car-battery maker A123 Systems Inc, winning a bankruptcy auction, officials said.
The assets purchased may include A123's automotive segment, energy-grid storage business, commercial business and US government business.
"I can tell you that we have won the bid, and the total value is about US$260 million," said Mo Xiaoping, a spokesman for Wanxiang Group based in Hangzhou, Zhejiang Province. "From our side, we see no additional obstacles to complete the deal."
A123, which received a US$249.1 million federal grant, held the auction behind closed doors in the Chicago law offices of Latham & Watkins. The auction began on Thursday with prospective bidders including Johnson Controls, Siemens AG and Tokyo-based NEC Corp.
The company will seek court approval to sell the assets from US Bankruptcy judge Kevin Carey at a hearing in Wilmington, Delaware tomorrow.
A123's automotive business includes facilities in Livonia and Romulus, Michigan. A123 used US$132 million of the grant to build the two Michigan plants.
As part of the purchase, the buyer may get A123's stake in a joint venture with Shanghai Automotive Industry Corp.
The grid business focuses on energy generation, transmission and distribution while the commercial division develops products for industries such as telecommunications, industrial robotics and power tools, according to court papers. A123 works with the government on portable power solutions, unmanned aerial vehicles, pulsed power weapons and small energy cells for remote devices.
A123 said in August it was working on a deal with Wanxiang, China's largest auto-parts maker, for financing in exchange for a majority ownership stake. The battery-maker needed a lifeline after recalling faulty batteries supplied to its main customer, Fisker Automotive Inc.
California-based Fisker said last month it was awaiting the sale of A123's Michigan plant that makes lithium-ion batteries for its Karma so it could resume making US$103,000 plug-in model
The assets purchased may include A123's automotive segment, energy-grid storage business, commercial business and US government business.
"I can tell you that we have won the bid, and the total value is about US$260 million," said Mo Xiaoping, a spokesman for Wanxiang Group based in Hangzhou, Zhejiang Province. "From our side, we see no additional obstacles to complete the deal."
A123, which received a US$249.1 million federal grant, held the auction behind closed doors in the Chicago law offices of Latham & Watkins. The auction began on Thursday with prospective bidders including Johnson Controls, Siemens AG and Tokyo-based NEC Corp.
The company will seek court approval to sell the assets from US Bankruptcy judge Kevin Carey at a hearing in Wilmington, Delaware tomorrow.
A123's automotive business includes facilities in Livonia and Romulus, Michigan. A123 used US$132 million of the grant to build the two Michigan plants.
As part of the purchase, the buyer may get A123's stake in a joint venture with Shanghai Automotive Industry Corp.
The grid business focuses on energy generation, transmission and distribution while the commercial division develops products for industries such as telecommunications, industrial robotics and power tools, according to court papers. A123 works with the government on portable power solutions, unmanned aerial vehicles, pulsed power weapons and small energy cells for remote devices.
A123 said in August it was working on a deal with Wanxiang, China's largest auto-parts maker, for financing in exchange for a majority ownership stake. The battery-maker needed a lifeline after recalling faulty batteries supplied to its main customer, Fisker Automotive Inc.
California-based Fisker said last month it was awaiting the sale of A123's Michigan plant that makes lithium-ion batteries for its Karma so it could resume making US$103,000 plug-in model
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