Reuters (Beijing) – Youngman Automobile Group Co, a privately owned Chinese bus and car maker, plans to take a 74.9 percent stake in Germany’s Viseon Bus GmbH for 10 million euros ($12.24 million), a local Chinese government website said.

Youngman will also invest an additional 8 million euros in the German company after the purchase, including a 5 million euro loan, according to a statement on the website of Zhejiang province where Youngman is based.

The move, which has the backing of the provincial government, has yet to be approved by China’s National Development and Reform Commission, it said.

A Youngman spokesman declined to comment.

Founded in 2008, Pilsting, Bavaria-based Viseon Bus also makes trolley buses and coaches.

Earlier in the year, the carmaking subsidiary of Youngman lost a bid to take over bankrupt Swedish carmaker Saab to a Sino-Japanese consortium called National Electric Vehicle Sweden AB.