24 Aug '12, 6pm

The Breakdown on A123’s Wanxiang Takeover

Wanxiang Group Corp. wants A123’s R&D intact as part of its $450 million rescue investment , and a big chunk of the money ($200 million) is tied to continued access to $120 million in unspent Department of Energy loans — a provision that’s sure to raise hackles on Capitol Hill. Those are the terms of the memorandum of understanding between A123 and Wanxiang , which detail just how the Chinese automotive technology giant is breaking up its financial takeover of a U.S. lithium-ion battery technology company on the ropes. A123 has been battered by continuing losses and a massive battery recall. It got a NASDAQ delisting notice this week , and has only enough cash for a few months more operation if the Wanxiang deal (or another of similar size) doesn't go through. But it also got a $249 million DOE grant, along with $100 million in state tax credits, to build its battery plant...

Full article: http://www.greentechmedia.com/articles/read/the-breakdown...

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