China's privately owned automaker Youngman Automobile Group Co has obtained provincial government approval to buy a major stake in Germany's Viseon Bus GmbH, in the Chinese company's latest attempt to acquire an European automaker after its failed bid for Saab.

According to a statement on the Zhejiang Provincial Development and Reform Commission's website, the local government has allowed Youngman to invest 10 million euros ($12.30 million) in Viseon, a German maker of city buses, coaches and airport shuttle buses.

The Jinhua-based car and bus maker will use 1 million euros to buy a 74.9 percent stake from Viseon's two shareholders, JR Bus Consult & Production GmbH, which owns a 61 percent stake, and BartConsult Kereskedelmi, which owns 39 percent of the German automaker.