China Youngman Automobile buys 29.9% stake in Spyker
Updated: 2012-12-07 16:54
China Youngman Automobile Group Co Ltd on Thursday acquired a 29.9 percent stake in the Netherlands' Spyker Cars NV for 10 million euros ($12.95 million), the Beijing Business Today newspaper reported.
The two companies will also establish a joint venture, in which Youngman will invest 25 million euros to take a 75 percent stake.
This venture will launch its first vehicle — a super sports utility vehicle — in 2014.
Victor Muller, chief executive officer of Spyker, said the SUV will be produced in the Netherlands, and the joint venture plans to develop premium vehicles.
Industry analysts said although Youngman's performance in the bus business is not bad, its car business lags far behind other automakers, and that is why it has decided to buy an overseas company.
The deal follows the Zhejiang-based company's failed attempt to buy Swedish automaker Saab, whose former owner was Spyker.
- BYD exports three electric cars to Thailand
- Grid gets first jolt of residential solar power
- US now largest buyer of China's exports
- China's outbound M&As on the rise
- Tobacco control may entail price, tax rises
- Quanzhou becomes pilot financial reform zone
- New automobiles shine at Geneva Motor Show
- World's longest high-speed rail 'on track'
- Jiugui Liquor involved in plasticizer scandal again
- Accident reignites school bus safety concerns
- China to revise labor law
- Trademark registration under scrutiny
- Dinner ban takes toll on liquor firms
- CIC tables bid for London's Chiswick Park
- Property buyers eye overseas market
- Call for law to protect personal information
- China to cut train ticket prices
- Christmas business
- Solar industry to get jolt from new policies
- KFC chicken under spotlight
Survey & Comments
