China Youngman buys stake in German bus maker

China Youngman Automobile Group is close to completing a US$12 million deal to acquire a 75% stake in Germany’s Viseon Bus, as the Chinese company looks to expand internationally, The Wall Street Journal reported. The Zhejiang Provincial Development and Reform Commission approved the deal, according to a statement posted on the agency’s website on July 24. China Youngman will purchase the stake from two Viseon shareholders, JR Bus Consult & Production and BartConsult Kereskedelmi. China Youngman intends to finance the acquisition itself through working capital. Last October, China Youngman, which has an 80% share of the passenger-coach market in China, was part of a US$123 million bid to purchase Saab Automobile, but the deal was scuttled by General Motors (GM.NYSE), Saab’s former owner.