Skip to comments.China's Wanxiang wins auction for U.S. government-backed A123
Posted on 12/09/2012 7:55:19 AM PST by ExxonPatrolUs
WILMINGTON, Delaware (Reuters) - China's largest maker of auto parts won a politically sensitive auction for A123 Systems Inc , a bankrupt maker of batteries for electric cars that was funded partly with U.S. government money, A123's investment banker said on Saturday.
Timothy Pohl of Lazard Freres said Wanxiang Group Corp's bid of about $260 million topped a joint bid from Johnson Controls Inc of Milwaukee and Japan's NEC Corp <6701.T> for the maker of lithium-ion batteries.
Siemens AG of Germany had also qualified to bid, according to two people familiar with the auction, who asked not to be identified. The auction began on Thursday.
Chinese companies have launched $51.3 billion worth of outbound deals this year, making it Asia's second-biggest spender on overseas acquisitions behind Japan, according to Thomson Reuters data.
While state-owned oil giants continue to dominate outbound deals, recently Chinese companies have targeted deals aimed at securing technology know-how. That shift is supported by China's five-year development plan that puts emphasis on industries such as high-end manufacturing equipment.
Earlier this year, Shandong Heavy Industry Group agreed to buy a quarter stake in Germany's Kion Group , giving China access to industrial technology from the world's number two fork lift truck maker.
Before that, Xuzhou Construction Machinery Group agreed to buy a majority stake in privately held German machinery manufacturer Schwing, while Sany Heavy Industry <600031.SS> bought rival Putzmeister in a 360 million euro ($472 million) deal.
Wanxiang, one of the largest non-government-owned companies in China, has annual revenue of more than $13 billion and supplies auto parts to many of China's largest automakers.
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“funded partly with U.S. government money”
I didn’t know that the US Gov had any money, I thought they took it from us.
The Book of Revelations should include this as an example as to how America’s economy collapsed ... thanks to democratic communist takeover of executive and legislative branchs of governemnt.
Wanxiang opened a plant to assemble solar panels in Rockford IL a couple of years ago, using their own money. Still going. Maybe these Chinese companies know more about capitalism than some of our dear leaders?
Maybe, maybe not.
Are those employees Chinese?
If so, they’ve simply moved here, and have not improved anything.
” Putzmeister “
I wanna write their ads!
I am sure some Free Trade Communist will come along and explain (spin) how letting our enemy manufacture our military equipment is “great for America”
I am not that old....but in the past...if you thought of having a Communist build US Military items....you would have been executed for Treason
First they want to Gay our military....next they want to Free Trade Communist it. Ni Hao, Chairman Mao