A Chinese car parts maker has won an auction for bankrupt battery maker A123 Systems in yet a further example of success in international dealmaking by Chinese groups.
Tim Pohl of Lazard, the lead banker advising A123 on its sale, said Wanxiang Group bid about $260m to win the auction for the battery maker, which supplies electric cars, but that the sale still required the approval of the Delaware court where the company filed for bankruptcy.
A123 would formally submit the result to the court for approval tomorrow, he added. The sale will also require the approval of Committee on Foreign Investment in the US.
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