(MENAFN) The Chinese Commerce Ministry has approved a bid made by Wanxiang Group Corp. to acquire US battery maker A123 Systems, reported AP, citing official Xinhua News Agency.
According to the announcement, the Chinese auto parts conglomerate is interested in obtaining all of the assets of bankrupt A123.
Wanxiang, based in Zhejiang province, will have to compete with other bidders, including Milwaukee-based auto parts maker Johnson Controls Inc., which has proposed a USD125 million bid for A123's automotive assets.
A court hearing to consider endorsing the asset sale is scheduled for December 11.
Waltham, Massachusetts-based A123 Systems has received over USD130 million in Department of Energy grants.
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