Wanxiang, the Chinese industrial group, is planning a novel approach to push forward its takeover of the majority of A123 Systems, the US-based advanced battery manufacturer, in an attempt to deflect pressure on the US authorities to block the deal.
The Chinese company is working on a plan to form a new independent trust to buy A123’s civilian unit, which makes up the bulk of its operations, after the company went into bankruptcy in October.
Wanxiang would then acquire the business from the trust, if it can secure approval from the Committee on Foreign Investment in the US, the government body that reviews foreign takeovers for national security implications.
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