Firm approved to bid for US battery maker
Updated: 2012-12-03 10:19
HANGZHOU - China's Ministry of Commerce has approved a plan by a Chinese auto parts maker to take over American battery maker A123 Systems Inc, Zhejiang province's Department of Commerce announced on Sunday.
It means the Chinese government has given the nod to the acquisition move by Wanxiang Group Corp, based in eastern China's Zhejiang province, after the National Development and Reform Commission issued an approval in October.
Wanxiang will compete with companies including United States-based Johnson Controls Inc, Germany's Siemens and Japan's NEC to buy the bankrupt A123, which made lithium-ion batteries for electric cars.
Wanxiang said it had signed an agreement with A123 in August to invest in the moribund company. It intended to make a bid after the US company filed for bankruptcy in October.
The auction is scheduled for Dec 6.
- BYD exports three electric cars to Thailand
- Grid gets first jolt of residential solar power
- US now largest buyer of China's exports
- China's outbound M&As on the rise
- Tobacco control may entail price, tax rises
- Quanzhou becomes pilot financial reform zone
- New automobiles shine at Geneva Motor Show
- World's longest high-speed rail 'on track'
- Jiugui Liquor involved in plasticizer scandal again
- Accident reignites school bus safety concerns
- China to revise labor law
- Trademark registration under scrutiny
- Dinner ban takes toll on liquor firms
- CIC tables bid for London's Chiswick Park
- Property buyers eye overseas market
- Call for law to protect personal information
- China to cut train ticket prices
- Christmas business
- Solar industry to get jolt from new policies
- KFC chicken under spotlight
Survey & Comments
