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Wang Jianfeng has been on an epic acquisition tear over the past decade, assembling a formidable auto parts empire in China with $4 billion in revenue.

Now, the 46-year-old Wang, founder and chairman of Ningbo Joyson Electronic Corp., is about to pull off his biggest deal yet: a $1.59 billion takeover of Takata Corp., the troubled air-bag maker that filed for bankruptcy protection on Monday and is in the midst of the largest auto recall in history.

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