China’s Wanxiang America Co. won the bidding for A123 Systems Inc. (AONEQ:US), a maker of electric-car batteries, the Wall Street Journal reported, citing an unidentified person familiar with the matter.
Wanxiang bid between $250 million and $260 million, which surpassed an joint offer from Johnson Controls Inc. (JCI:US) and NEC Corp. (6701), the newspaper said. Germany’s Siemens AG (SIE) had also bid for A123 during the auction held by the law firm of Latham & Watkins, the WSJ said.
A spokesman for A123 declined to comment to the WSJ, while a spokeswoman for Johnson Controls wasn’t immediately reached by the newspaper.
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