Daily News: December 10, 2012

China’s Wanxiang Outbids Johnson Controls for A123 Assets

China’s Wanxiang Group Co. won the auction for A123 Systems’ assets outbidding Johnson Controls by offering $256.6 million, a Bloomberg/BusinessWeek article said.

The auction was for the electric car battery maker’s automotive, grid and commercial assets. The auction didn’t include A123’s military contracts, the article said, and added that Navitas Systems will purchase A123’s government business for $2.25 million.

The auction will be considered for approval on December 11 by the U.S. Bankruptcy Court in the District of Delaware.

To read the BusinessWeek article in its entirety, click here.

Previously on abfjournal.com:

A123 Receives Final Approval of $50MM DIP Financing, Monday, November 26, 2012

A123 Systems Receives Court Approval of Bidding Procedures, Friday, November 09, 2012