Our Business News

Business articles & tips that will guide you.

Facebook
RSS

NEW YORK China’s largest maker of auto parts won an auction for A123 Systems Inc , a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, A123 confirmed in a statement Sunday.

Wanxiang Group Corp’s bid of $ 256.6 million topped a joint bid from Johnson Controls Inc of Milwaukee and Japan’s NEC Corp <6701.T> for the maker of lithium-ion batteries.

The sale did not include A123’s Michigan-based government business that works with the U.S. Defense Department, which was instead sold to Navitas Systems for $ 2.25 million, A123 said.

Wanxiang’s winning bid came only one day after the Canadian government approved a controversial deal allowing China’s state-owned oil company CNOOC <0883.HK> to buy energy company Nexen Inc for $ 15.1 billion.

The sale must be approved by Delaware Bankruptcy Court judge Kevin Carey at a hearing scheduled for Tuesday.

Opposition to the deal will likely focus on the Committee on Foreign Investment in the United States, which would need to approve the sale to Wanxiang.

U.S. politicians and retired military leaders have already pressed the government panel to reject Wanxiang.

(Reporting By Edward McAllister; Editing by Diane Craft)

You must be logged in to post a comment.

3 Mistakes a Beginne

One of the most important parts of any person’s life ...

What You Need to Rem

In the UK, being a business owner has its own ...

Dangers of Preparing

In order to have your financial house in the right ...

Top Questions You Sh

Choosing the proper removal firm can make a big difference ...

5 Tips for Designing

Roller banners are an important part of your marketing mix ...