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China's Wanxiang Group offered A123 a lifeline in August, but Tuesday that deal fell apart.
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Lu Guanqiu chairs the Hangzhou-based Wanxiang Group, a conglomerate with interests in real estate, finance and auto parts manufacturing.
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Last month lithium-ion battery firm, A123 was sold to Wanxiang Group, an auto-parts conglomerate controlled by billionaire Lu Guanqiu.
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Despite the fact that A123 has been hemorrhaging cash, Wanxiang Group Corp.
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After its bankruptcy sale to Chinese auto supplier Wanxiang Group, battery-maker A123 Systems Inc. was required to change its name as part of its agreement.
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First, A123 filed for bankruptcy and agreed to sell its electric car battery business to Johnson Controls, apparently cutting out Wanxiang Group Corp.
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Wanxiang Group is also vying to acquire battery company A123 Systems.
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The investment by Wanxiang Group Corp. involves convertible notes and warrants that if exercised could leave it with an 80 percent stake in the Waltham, Mass.
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Wanxiang Group, controlled by billionaire Lu Guanqiu, won control of Waltham, Massachusetts-based battery maker A123 at an auction last month, though the transaction faces political opposition.
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The deal with Wanxiang Group, one of the largest auto components makers in China, is still preliminary and subject to numerous conditions, including approval by the Chinese government.
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Lu Guanqiu chairs Wanxiang Group of Hangzhou in eastern China.
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Last week, Wanxiang Group Corp.
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