The 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 Sunday.
The Chinese government has given the final approval to the acquisition move by Wanxiang Group Corp, based in East China's Zhejiang Province, after the National Development and Reform Commission issued an approval in October.
Wanxiang will compete with companies including the US-based Johnson Controls Inc, Germany's Siemens and Japan's NEC to buy the bankrupt A123, which
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."