Youngman's Proposal to Purchase German Viseon Bus Gains Government Approval
07 August 2012
www.chinabuses.org: Zhejiang-based Youngman Automobile proposal to acquire a 74.9 percent stake in German bus manufacturer Viseon has been officially approved by the Provincial Development and Reform Commission, Beijing News reported today.
Youngman will be spending a total of 10 million euros ($12.24m) of its own money for the controlling stake. Following purchase, the manufacturer will allocate one million euros ($1.22m) of that amount to make up for Viseon's appreciation under its former shareholders. Youngman will also supply a loan totaling five million euros ($6.12m) to Viseon.
Viseon was established in 2008 in the city of Pilsting, Bavaria. It specializes in designing, producing and selling buses and trolleys. Viseon's performance has been poor of late, with the manufacturer reporting a net deficit of 2.26 million euros ($2.78m) last year.
Youngman has already made a name for itself in Germany, Italy and other European countries with exports of Neoplan buses.
Source : internet
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