Wanxiang Group intends to outbid Johnson Controls (JCI) for A213's (AONE) automotive-business...

|About: Johnson Controls, Inc. (JCI)|By:, SA News Editor

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.