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China’s Wanxiang Wins A123 Auction for $260 Million

Bloomberg -- China’s Wanxiang Group bid $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 U.S. government business.

“I can tell you that we have won the bid, and the total value is about $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.”

A123, which received a $249.1 million federal grant, held the auction behind closed doors in the Chicago law offices of Latham & Watkins. The auction began on Dec. 6 with prospective bidders including Johnson Controls (JCI), Wanxiang, Siemens AG (SIE) of Germany and Tokyo-b


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Submitted Dec 09, 2012 By: bar1035
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: China’s Wanxiang Wins A123 Auction for $260 Million Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Dec 11, 2012 3:58:15 AM

Expl: probably b/c they bid the most money?
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geminijax
Champion Author Jacksonville

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Message Posted: Dec 10, 2012 11:15:54 PM

Gville, you seem to have a strong anti-Romney, pro-Obama bias.

Few points to consider:

1) It's Romney's money. He can choose to invest wherever he wants, including under his mattress. It isn't anyone else's business. How would you like some utter stranger walk up to you and tell you how to invest your money?

2) If you have a 401(K) plan (or something similar), check the holdings. Any vehicle (mutual fund, etf, etc) that invest in emerging markets is very likely to own Chinese investments, amongst others. As a matter of fact, anyone who builds/manages a diversified portfolio WILL have emerging market investments. I've owned those for many years now. That's the benefit free market capitalism provides.

So Gville, you're free to invest wherever you want. Other citizens have the exact same rights. You are even free to build your portfolio and income to the point where the SEC considers you to be an accredited/qualified investor. What's stopping you?
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ExplorerWA
Champion Author Washington

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Message Posted: Dec 9, 2012 11:19:23 PM

Wow! Gee, A123 received a $249.1 million federal grant and the auction behind closed doors in the Chicago. Isn't that were our President is from and why the Chinese?
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Marson
Champion Author Scranton

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Message Posted: Dec 9, 2012 9:56:24 PM

I also agree with WZ!
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gbs1
Champion Author Minnesota

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Message Posted: Dec 9, 2012 6:30:23 PM

I agree with WZ
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wz
Champion Author Twin Cities

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Message Posted: Dec 9, 2012 4:45:57 PM

Companies receiving government grants should not be eligible for purchase by foreign companies or governments. The grant to A123 should be revoked based on the new ownership. It should go without saying that there no government grants should be issued to foreign-owned corporations. But then we have a foreigner in the White House, so those rules would be ignored anyway.
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Double_Golden
Champion Author San Francisco

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Message Posted: Dec 9, 2012 3:17:25 PM

good for China, now, what is A123 going to do with that $260 millions, are they going to repay the $249 millions back to DC, or they will keep it for their stockholder???
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lpatti1
Champion Author Philadelphia

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Message Posted: Dec 9, 2012 3:07:15 PM

As usual more American technology goes to the Chinese! ??????
maybe they can help us REBUILD OUR COUNTRY with our Fisical Cliff that will soon be upon us! ??
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doggod
Champion Author Anchorage

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Message Posted: Dec 9, 2012 2:12:25 PM

So what's the bottom line here? Obama gave $249.1 million to the Chinese?

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divebomber
Champion Author Nebraska

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Message Posted: Dec 9, 2012 12:26:44 PM

I AM GLAD CHINA WON THE AUTION, BECAUSE THEY WON A LOSING BATTLE, ELECTRICALLY PROPELLED VEHICLES IS NOT THE FUTURE!
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jep39
Champion Author California

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Message Posted: Dec 9, 2012 12:18:12 PM

Maybe this is why ABC talks so much about "Made in USA".
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ironbox_sara
Champion Author Albany

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Message Posted: Dec 9, 2012 12:03:40 PM

Screw China.
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fuelott
Sophomore Author Calgary

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Message Posted: Dec 9, 2012 11:54:24 AM

actually china is why ahead of the states in battery technology so they are steeling nothing other than 249.1 million from the people to have a US based production site. china is able to produce these units for half the price even with the inclusion of shipping and import tax. last month i bought a a123 battery for just under $800.00 with shipping and taxes that would have cost $1600.00 to buy here. this will allow them to sell you the same product here with a made in america sticker on it at twice the cost making even more profit. the real crime is the US government turned down a 460 million bid by the same chinese company for 80% stake in the company to end up turning it over to them for almost HALF that amount. IT"S JUST CRAZY
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bvrbill
Champion Author Eugene

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Message Posted: Dec 9, 2012 11:51:39 AM

So the Chinese can buy our tax payer funded companies and, along with them, our military technologies.

Not a good result.
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WaWanderer
Champion Author Washington

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Message Posted: Dec 9, 2012 11:51:13 AM

A bi-partisan committee should be required to oversee the stimulus that the US wants to grant. The way it looks to me is over the past years too much support (stimulus) has been given to large election donors.
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40mpgsaturn
Champion Author Wisconsin

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Message Posted: Dec 9, 2012 11:50:10 AM

This is to bad!
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jb107
Champion Author New Jersey

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Message Posted: Dec 9, 2012 11:45:47 AM

The way things are going with in a generation we will be the United States of China.
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vjs3
Champion Author Denver

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Message Posted: Dec 9, 2012 11:45:36 AM

Wish it would've stayed in the USA
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MDTDriver
Champion Author California

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Message Posted: Dec 9, 2012 11:44:45 AM

The USA will be owned by several countries soon.
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WillCody
Champion Author Austin

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Message Posted: Dec 9, 2012 11:42:00 AM

Payback for the bundlers supporting the Obama reelection campaign!
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Hugo40
Champion Author Kentucky

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Message Posted: Dec 9, 2012 11:41:56 AM

China outdoes the USA, no surprises there.
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GrandAmNC
Veteran Author North Carolina

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Message Posted: Dec 9, 2012 11:41:19 AM

doesn't surprise me
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werv4fun
All-Star Author Arkansas

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Message Posted: Dec 9, 2012 11:39:51 AM

Stand by for the financial destruction of the United States of America.
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Jmac2008
Champion Author Missouri

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Message Posted: Dec 9, 2012 11:39:01 AM

should have been a US company getting the deal.
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rrs517
Champion Author Colorado

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Message Posted: Dec 9, 2012 11:38:52 AM

A Chinese company getting US Government business? Really? I guess under Obama this seems possible.
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bridgerunner
Champion Author Virginia

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Message Posted: Dec 9, 2012 11:38:02 AM

"...I don't like the outcome of this either, but when our companies want to play overseas and their governments impede our companies we whine just as well.

And of course Halliburton (i.e. Cheney) didn't benefit at all form the wars his boss (make that puppet) started...."

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I'm not sure, but this person might just have an agenda. I see another code word "form" is used. I have never seen "all form the wars" used in a sentence like that before. What the heck is going on here?
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bluetatanka
Champion Author Philadelphia

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Message Posted: Dec 9, 2012 11:37:14 AM

A $249.1 million grant?! Are you kidding me?!
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sehonda
Champion Author Honolulu

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Message Posted: Dec 9, 2012 11:36:26 AM

old technology
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timesaverinc
Champion Author Wichita

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Message Posted: Dec 9, 2012 11:36:24 AM

Eventually even made in the USA will still be available, it will just be china owned
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blazerbob91
Champion Author Milwaukee

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Message Posted: Dec 9, 2012 11:36:12 AM

Another smart loan by Obummer
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BudsterMO
Champion Author Kansas City

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Message Posted: Dec 9, 2012 11:35:49 AM

What is truly amazing about this deal is a Chinese Co. will pay ANYTHING for the intellectual and real property as they 99.9% of the time outright steal it.
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deaconjones
Champion Author Cleveland

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Message Posted: Dec 9, 2012 11:35:42 AM

every day, we continue to give pieces of this country away...
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bigLtowing
Champion Author Columbus

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Message Posted: Dec 9, 2012 11:35:30 AM

YAY! more american jobs going to China. This bites!
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ScottTee
Champion Author Detroit

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Message Posted: Dec 9, 2012 11:33:33 AM

Nice donation from the dept of energy to a Chinese company
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Spankster85
Champion Author Chicago

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Message Posted: Dec 9, 2012 11:32:55 AM

Alrighty then.
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briinnc
Champion Author North Carolina

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Message Posted: Dec 9, 2012 11:32:17 AM

China would let us do this to a Chinese company, right?
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rampower80
Champion Author Kentucky

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Message Posted: Dec 9, 2012 11:32:13 AM

Another waste of taxpayers dollars, why didn't we just sell them to China to begin with and saved ourselves some money.
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bridgerunner
Champion Author Virginia

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Message Posted: Dec 9, 2012 11:32:13 AM

"...And has anyone asked Romney whether he really couldn't find somewhere here in the US to invest his money, instead of parking it overseas? Oh, waht, he just wants to make more? Isn't that unfettered capitalism?..."
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I did not read where Romney was mentioned in the article. "Waht" must be some code word. I have never seen it used before.
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cucamongacurtis
Champion Author San Bernardino

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Message Posted: Dec 9, 2012 11:31:26 AM

Another waste of taxpayer money. Woohooooo, Forward!
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Stevedog
Champion Author Michigan

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Message Posted: Dec 9, 2012 11:31:12 AM

Half the value of the last powerball!
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Rancher23
Champion Author Cincinnati

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Message Posted: Dec 9, 2012 11:30:10 AM

Not good!
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jcdakota
Champion Author Baltimore

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Message Posted: Dec 9, 2012 11:29:42 AM

For future reference -- Federal grants should become immediately recoverable if the grantee is aquired by a foreign business.
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JoeKR
Champion Author New Jersey

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Message Posted: Dec 9, 2012 11:29:35 AM

It makes me queasy to think US gov business automatically goes along with the deal. I would think any contract Uncle Sam signs would include an escape clause in the event of ownership change.
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TFowler513
Champion Author Memphis

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Message Posted: Dec 9, 2012 11:29:13 AM

China buys it at a great price then resells it back to us at a price we can't afford!!! What a vicious cycle.
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ItisAJeepThing
Champion Author Tucson

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Message Posted: Dec 9, 2012 11:29:11 AM

Too bad an American company didn't bid higher and win it.
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mackconsult
Champion Author Portland

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Message Posted: Dec 9, 2012 11:25:06 AM

At least the technology will be saved.
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cj003
Champion Author Michigan

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Message Posted: Dec 9, 2012 11:24:57 AM

and so more American technology goes to the Chinese!!!!!!!!!!!!!!!!! maybe they can help us with our Fisical Cliff that will soon be upon us!!!!
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Cellsite
Champion Author Appleton

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Message Posted: Dec 9, 2012 11:21:57 AM

So, nowhere does it say that the U.S. taxpayers will be reimbursed for the O'bummer boondoggle of lending this company taxpayer's money.
And yet this idiot got reelected.
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WGW1
Champion Author British Columbia

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Message Posted: Dec 9, 2012 11:21:55 AM

This is like a business thriller. What's next???
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Gville
Champion Author Ohio

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Message Posted: Dec 9, 2012 11:16:34 AM

And has anyone asked Romney whether he really couldn't find somewhere here in the US to invest his money, instead of parking it overseas? Oh, waht, he just wants to make more? Isn't that unfettered capitalism?
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