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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

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Dec 11, 2012 4:58:15 AM Ignore honda0105 Report Abuse Expl: probably b/c they bid the most money?
geminijax Champion Author Jacksonville Posts:16,831 Points:2,729,025 Joined:Aug 2005	Message Posted: Dec 11, 2012 12:15:54 AM Ignore geminijax Report Abuse 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?
ExplorerWA Champion Author Washington Posts:4,088 Points:799,100 Joined:Feb 2011	Message Posted: Dec 10, 2012 12:19:23 AM Ignore ExplorerWA Report Abuse 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?
Marson Champion Author Scranton Posts:8,957 Points:2,080,110 Joined:Oct 2006	Message Posted: Dec 9, 2012 10:56:24 PM Ignore Marson Report Abuse I also agree with WZ!
gbs1 Champion Author Minnesota Posts:2,011 Points:744,550 Joined:Mar 2011	Message Posted: Dec 9, 2012 7:30:23 PM Ignore gbs1 Report Abuse I agree with WZ
wz Champion Author Twin Cities Posts:2,499 Points:1,279,265 Joined:Feb 2009	Message Posted: Dec 9, 2012 5:45:57 PM Ignore wz Report Abuse 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.
Double_Golden Champion Author San Francisco Posts:2,570 Points:606,585 Joined:Aug 2011	Message Posted: Dec 9, 2012 4:17:25 PM Ignore Double_Golden Report Abuse 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???
lpatti1 Champion Author Philadelphia Posts:10,211 Points:1,965,210 Joined:Sep 2005	Message Posted: Dec 9, 2012 4:07:15 PM Ignore lpatti1 Report Abuse 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! ??
doggod Champion Author Anchorage Posts:2,858 Points:743,310 Joined:May 2009	Message Posted: Dec 9, 2012 3:12:25 PM Ignore doggod Report Abuse So what's the bottom line here? Obama gave $249.1 million to the Chinese?
divebomber Champion Author Nebraska Posts:6,088 Points:1,814,225 Joined:Jun 2007	Message Posted: Dec 9, 2012 1:26:44 PM Ignore divebomber Report Abuse I AM GLAD CHINA WON THE AUTION, BECAUSE THEY WON A LOSING BATTLE, ELECTRICALLY PROPELLED VEHICLES IS NOT THE FUTURE!
jep39 Champion Author California Posts:1,147 Points:1,227,985 Joined:Jun 2007	Message Posted: Dec 9, 2012 1:18:12 PM Ignore jep39 Report Abuse Maybe this is why ABC talks so much about "Made in USA".
ironbox_sara Champion Author Albany Posts:9,601 Points:2,240,705 Joined:Mar 2006	Message Posted: Dec 9, 2012 1:03:40 PM Ignore ironbox_sara Report Abuse Screw China.
fuelott Sophomore Author Calgary Posts:184 Points:14,675 Joined:Nov 2012	Message Posted: Dec 9, 2012 12:54:24 PM Ignore fuelott Report Abuse 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
bvrbill Champion Author Eugene Posts:3,229 Points:520,575 Joined:Jul 2011	Message Posted: Dec 9, 2012 12:51:39 PM Ignore bvrbill Report Abuse So the Chinese can buy our tax payer funded companies and, along with them, our military technologies. Not a good result.
WaWanderer Champion Author Washington Posts:4,348 Points:587,900 Joined:Oct 2011	Message Posted: Dec 9, 2012 12:51:13 PM Ignore WaWanderer Report Abuse 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.
40mpgsaturn Champion Author Wisconsin Posts:2,500 Points:522,380 Joined:Jun 2011	Message Posted: Dec 9, 2012 12:50:10 PM Ignore 40mpgsaturn Report Abuse This is to bad!
jb107 Champion Author New Jersey Posts:9,559 Points:2,623,850 Joined:Sep 2005	Message Posted: Dec 9, 2012 12:45:47 PM Ignore jb107 Report Abuse The way things are going with in a generation we will be the United States of China.
vjs3 Champion Author Denver Posts:2,547 Points:650,890 Joined:Jun 2011	Message Posted: Dec 9, 2012 12:45:36 PM Ignore vjs3 Report Abuse Wish it would've stayed in the USA
MDTDriver Champion Author California Posts:9,734 Points:2,156,595 Joined:Jul 2006	Message Posted: Dec 9, 2012 12:44:45 PM Ignore MDTDriver Report Abuse The USA will be owned by several countries soon.
WillCody Champion Author Austin Posts:8,185 Points:1,511,120 Joined:Jul 2008	Message Posted: Dec 9, 2012 12:42:00 PM Ignore WillCody Report Abuse Payback for the bundlers supporting the Obama reelection campaign!
Hugo40 Champion Author Kentucky Posts:7,639 Points:1,619,930 Joined:Aug 2008	Message Posted: Dec 9, 2012 12:41:56 PM Ignore Hugo40 Report Abuse China outdoes the USA, no surprises there.
GrandAmNC Veteran Author North Carolina Posts:342 Points:174,790 Joined:Jun 2012	Message Posted: Dec 9, 2012 12:41:19 PM Ignore GrandAmNC Report Abuse doesn't surprise me
werv4fun All-Star Author Arkansas Posts:596 Points:299,615 Joined:Aug 2008	Message Posted: Dec 9, 2012 12:39:51 PM Ignore werv4fun Report Abuse Stand by for the financial destruction of the United States of America.
Jmac2008 Champion Author Missouri Posts:2,284 Points:883,090 Joined:Dec 2008	Message Posted: Dec 9, 2012 12:39:01 PM Ignore Jmac2008 Report Abuse should have been a US company getting the deal.
rrs517 All-Star Author Colorado Posts:938 Points:346,655 Joined:Apr 2006	Message Posted: Dec 9, 2012 12:38:52 PM Ignore rrs517 Report Abuse A Chinese company getting US Government business? Really? I guess under Obama this seems possible.
bridgerunner Champion Author Virginia Posts:4,797 Points:1,008,785 Joined:Jul 2009	Message Posted: Dec 9, 2012 12:38:02 PM Ignore bridgerunner Report Abuse "...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...." ----------------------------------------------------------------------------- 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?
bluetatanka Champion Author Philadelphia Posts:56,240 Points:783,780 Joined:Mar 2011	Message Posted: Dec 9, 2012 12:37:14 PM Ignore bluetatanka Report Abuse A $249.1 million grant?! Are you kidding me?!
sehonda Champion Author Honolulu Posts:2,048 Points:917,960 Joined:May 2009	Message Posted: Dec 9, 2012 12:36:26 PM Ignore sehonda Report Abuse old technology
timesaverinc Champion Author Wichita Posts:1,483 Points:296,565 Joined:Apr 2011	Message Posted: Dec 9, 2012 12:36:24 PM Ignore timesaverinc Report Abuse Eventually even made in the USA will still be available, it will just be china owned
blazerbob91 Champion Author Milwaukee Posts:6,150 Points:1,884,645 Joined:Aug 2005	Message Posted: Dec 9, 2012 12:36:12 PM Ignore blazerbob91 Report Abuse Another smart loan by Obummer
BudsterMO Champion Author Kansas City Posts:3,720 Points:705,880 Joined:Aug 2009	Message Posted: Dec 9, 2012 12:35:49 PM Ignore BudsterMO Report Abuse 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.
deaconjones Champion Author Cleveland Posts:2,144 Points:319,380 Joined:May 2006	Message Posted: Dec 9, 2012 12:35:42 PM Ignore deaconjones Report Abuse every day, we continue to give pieces of this country away...
bigLtowing Champion Author Columbus Posts:2,849 Points:594,515 Joined:Aug 2011	Message Posted: Dec 9, 2012 12:35:30 PM Ignore bigLtowing Report Abuse YAY! more american jobs going to China. This bites!
ScottTee Champion Author Detroit Posts:4,401 Points:1,065,645 Joined:Mar 2010	Message Posted: Dec 9, 2012 12:33:33 PM Ignore ScottTee Report Abuse Nice donation from the dept of energy to a Chinese company
Spankster85 Champion Author Chicago Posts:1,734 Points:358,790 Joined:Nov 2011	Message Posted: Dec 9, 2012 12:32:55 PM Ignore Spankster85 Report Abuse Alrighty then.
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: Dec 9, 2012 12:32:17 PM Ignore briinnc Report Abuse China would let us do this to a Chinese company, right?
rampower80 Champion Author Kentucky Posts:2,049 Points:463,640 Joined:Jan 2012	Message Posted: Dec 9, 2012 12:32:13 PM Ignore rampower80 Report Abuse Another waste of taxpayers dollars, why didn't we just sell them to China to begin with and saved ourselves some money.
bridgerunner Champion Author Virginia Posts:4,797 Points:1,008,785 Joined:Jul 2009	Message Posted: Dec 9, 2012 12:32:13 PM Ignore bridgerunner Report Abuse "...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?..." -------------------------------------------------------------------------- I did not read where Romney was mentioned in the article. "Waht" must be some code word. I have never seen it used before.
cucamongacurtis Champion Author San Bernardino Posts:1,049 Points:222,060 Joined:Oct 2012	Message Posted: Dec 9, 2012 12:31:26 PM Ignore cucamongacurtis Report Abuse Another waste of taxpayer money. Woohooooo, Forward!
Stevedog Champion Author Michigan Posts:3,863 Points:1,947,845 Joined:Jul 2006	Message Posted: Dec 9, 2012 12:31:12 PM Ignore Stevedog Report Abuse Half the value of the last powerball!
Rancher23 Champion Author Cincinnati Posts:3,203 Points:661,295 Joined:May 2011	Message Posted: Dec 9, 2012 12:30:10 PM Ignore Rancher23 Report Abuse Not good!
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Dec 9, 2012 12:29:42 PM Ignore jcdakota Report Abuse For future reference -- Federal grants should become immediately recoverable if the grantee is aquired by a foreign business.
JoeKR Champion Author New Jersey Posts:9,483 Points:1,746,420 Joined:Feb 2006	Message Posted: Dec 9, 2012 12:29:35 PM Ignore JoeKR Report Abuse 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.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,415,610 Joined:Mar 2008	Message Posted: Dec 9, 2012 12:29:13 PM Ignore TFowler513 Report Abuse China buys it at a great price then resells it back to us at a price we can't afford!!! What a vicious cycle.
ItisAJeepThing Champion Author Tucson Posts:19,765 Points:2,153,530 Joined:Oct 2006	Message Posted: Dec 9, 2012 12:29:11 PM Ignore ItisAJeepThing Report Abuse Too bad an American company didn't bid higher and win it.
mackconsult Champion Author Portland Posts:5,309 Points:864,355 Joined:Jan 2009	Message Posted: Dec 9, 2012 12:25:06 PM Ignore mackconsult Report Abuse At least the technology will be saved.
cj003 Champion Author Michigan Posts:2,221 Points:1,256,295 Joined:Mar 2006	Message Posted: Dec 9, 2012 12:24:57 PM Ignore cj003 Report Abuse and so more American technology goes to the Chinese!!!!!!!!!!!!!!!!! maybe they can help us with our Fisical Cliff that will soon be upon us!!!!
Cellsite Champion Author Appleton Posts:1,240 Points:289,065 Joined:Jun 2012	Message Posted: Dec 9, 2012 12:21:57 PM Ignore Cellsite Report Abuse 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.
WGW1 Champion Author British Columbia Posts:1,257 Points:392,165 Joined:Jun 2010	Message Posted: Dec 9, 2012 12:21:55 PM Ignore WGW1 Report Abuse This is like a business thriller. What's next???
Gville Champion Author Ohio Posts:1,332 Points:1,124,525 Joined:Dec 2006	Message Posted: Dec 9, 2012 12:16:34 PM Ignore Gville Report Abuse 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?