Chinese computer maker Lenovo Group (0992.HK) has made an offer to acquire a majority stake in Medion (MDN.FWB), a multimedia and consumer electronics manufacturer, for up to US$670 million, the South China Morning Post reported. The deal, which is expected to be finalized in August, underscores Lenovo’s efforts to accelerate its expansion in Europe and would give the company a 55-80% stake in Frankfurt-listed Medion. The transaction would be Lenovo’s second-largest acquisition since its takeover of IBM’s PC business in 2005. Lenovo and Medion would keep their own product brands, and provide sales and support through existing channels. The deal would involve the Chinese firm paying US$332 million, 80% of which would be in cash and the rest in Lenovo shares, Wong Wai-ming, Lenovo’s CFO, said. The offer to remaining Medion shareholders was US$18.68 per share in cash.