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Tuesday, December 31, 2013

China's largest auto parts company makes last-minute Fisker bid, (NYSE: JCI)

China's largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents. Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware to scrap Fisker's agreed sale to a company affiliated with Richard Li and instead hold an open auction at which Wanxiang America Corp plans to bid.Wanxiang outbid Johnson Controls last year in a bankruptcy auction for most of the assets of A123 Systems Inc, which made batteries for Fisker's cars."They are extremely capable and knowledgeable of the industry and know how to get things done," said William Baldiga, a Brown Rudnick attorney who represents Fisker's official creditors committee.Both Fisker and A123 obtained green technology loans from the Department of Energy. Critics of the government's loan program tried to get regulators to block the sale of A123 to Wanxiang, arguing that sensitive technology was being transferred to an economic rival.

Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI traded higher by 0.59% or $0.3/share to $51.19. In the past year, the shares have traded as low as $30.30 and as high as $51.90. On average, 4356070 shares of JCI exchange hands on a given day and today's volume is recorded at 166509.