Via WSJ:
Chinese-owned auto-parts manufacturer Wanxiang America Corp. won the bidding for A123 Systems Inc., AONEQ -9.21% the government-backed battery maker that has yet to turn a profit, at a bankruptcy auction that ended early Saturday morning.
Wanxiang's winning bid of $256.6 million topped a combined offer from Milwaukee-based auto-parts manufacturer Johnson Controls Inc. JCI +2.03% and electronics maker NEC Corp. 6701.TO -0.65% of Japan, the company said. German conglomerate Siemens AG SIE.XE +0.19% also submitted a qualified bid at the auction, which kicked off Thursday at the Chicago office of Latham & Watkins, the law firm representing A123 in its Chapter 11 case.
Wanxiang, a unit of China's Wanxiang Group, is buying most of A123—which in addition to its automotive-battery business has a consumer arm and grid-energy storage division—except for its government business, which was bought for $2.25 million by Navitas Systems, a Chicago area company spun off from Sun MicroSystems. More here...
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