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| Economy |
| Obama Fav Battery Company to be bought by Chicoms |
| 2012-12-10 |
| Chinese bid wins auction for A123 By Anousha Sakoui A Chinese car parts maker has won the auction for bankrupt US battery maker A123 Systems, in a further success in international dealmaking for Chinese groups. Wanxiang Group bid about $257m to win the auction for the battery maker, which supplies electric cars. The sale still requires the approval of the Delaware court where A123 filed for bankruptcy...The sale will also require the approval of the US Committee on Foreign Investment. ... Wanxiang will not be taking over A123’s defense business, which will be sold to Illinois-based Navitas for $2.25m. In October, A123 – which was awarded a $249m grant from the US government – became the latest stimulus-backed company to file for bankruptcy, prompting a fresh round of attacks on President Barack Obama’s support for emerging energy technologies... It also received grants and tax credits from the state of Michigan of up to $141M. Back in the W admin, the US paid $14M to the company for it to develop and particular product (which the company did). Although that transaction was a typical contract the Obama Admin has claimed a number of times that they were just following W's lead. |
| Posted by:lord garth |
| #3 Be sure to klik on "advisors".... and check out the main mug. |
| Posted by: Besoeker 2012-12-10 17:18 |
| #2 Try this link instead. |
| Posted by: Besoeker 2012-12-10 17:17 |
| #1 How does this happen ? Check it out. |
| Posted by: Besoeker 2012-12-10 17:16 |