Wanxiang still looking to buy part of A123 Systems after rebuff
Battery maker A123 Systems has had a rough year and in mid-August had agreed to let Chinese autoparts maker Wanxiang buy the company. On Tuesday, after serious political backlash, A123 backed away from that deal, filed for bankruptcy and announced that Johnson Controls would buy part of A123's assets. Today, Bloomberg News is reporting that Wanxiang is still interested in buying part of A123 Systems and that it and Johnson Controls are interested in different portions of the company's assets.
For a detailed summary of A123's troubled year and agreement with Johnson Controls see: A123 Systems veers from Wanxiang to Johnson Controls and bankruptcy
Bloomberg spoke with Ni Pin, president of Wanxiang Group Corp.’s U.S. operations who said the business assets A123 is planning to sell to Johnson Controls are separate from the assets Wanxiang is interested in.