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Friday, Oct 19
2012, 6:19 AM
Wanxiang Group intends to outbid Johnson Controls (JCI) for A213's (AONE) automotive-business...
Wanxiang Group intends to outbid Johnson Controls (JCI) for A213's (AONE) automotive-business assets and replace the U.S. company as the "stalking horse" bidder. The Chinese company announced its intention at a court hearing yesterday following A123's filing for Chapter 11. At the hearing, A123 won approval to borrow up to $15.5M in interim financing from Johnson Controls.