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The Boston Globe

Business

Bankrupt A123 could be a target of bid war

Lawyers for A123 System Inc.’s onetime Chinese partner appeared in bankruptcy court Thursday to reaffirm Wanxiang Group’s interest in buying the Waltham battery company, potentially setting up a bidding war for the firm.

In August, the Chinese auto parts conglomerate agreed to invest up to $465 million in A123, with the potential of acquiring up to 80 percent of the company. Then A123 filed for bankruptcy and simultaneously said it planned to sell its assets to Johnson Controls Inc. of Milwaukee. That transaction, which requires court approval, is valued at $125 million.

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