Investment firm Industrivarden has met with Renault several times to express its interest in buying the French car maker's 20% stake in Volvo, a magazine reported on Wednesday.

According to Reuters, business magazine Affarsvarlden reported, citing an unnamed source, that "the Handelsbanken sphere's investment vehicle Industrivarden has on several occasions met Renault and voiced its interest in buying its (Renault's) stake".

The news agency noted that Volvo has been the centre of speculation lately after a report that hedge fund Sandell Asset Management was trying to drum up support for a bid or pressure it to return some of its around 30bn crowns ($4.2bn) in cash and marketable securities.

Renault said last week it was satisfied with its holding in Volvo and had no plans to sell it, the report added.

The magazine also reportedly quoted Volvo chairman Finn Johnsson as saying that the firm should review its long-term financial targets, which some investors and analysts consider too conservative in light of Volvo's record profits in recent years.

"There is every reason to review the financial targets," Johnsson was quoted as saying. "If we don't have any use for the money, it should go back to the shareholders." A number of Volvo's institutional owners believe Volvo should return some of its cash to shareholders.

Among Volvo's financial targets are to maintain a net financial position ratio, excluding its financial services business, of between a net financial assets position of 15% and a net debt financial position of 30% of shareholders' equity and minority interest, Reuters said, adding that, at the end of last year, the group had a net financial asset position of 23.7% of shareholders' equity and minority interests.