UPDATE 1-China approves Wanxiang plan to buy U.S. battery maker A123

Newswire

* Wanxiang gets Beijing backing to acquire U.S. battery maker * A123 takeover hinges on U.S. government approval SHANGHAI, Nov 30 (Reuters) - China's government has approved a plan by Wanxiang Group Corp, a major Chinese auto parts maker, to acquire bankrupt U.S. battery maker A123 Systems Inc , although a deal still hinges on the outcome of an auction next month and U.S. government approval. A123, a maker of lithium ion batteries for electric ...

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