China’s Geely Automotive Holdings wants to buy a majority stake in Volvo Cars together with an unidentified Swedish investor while allowing Ford to keep a stake in its Swedish affiliate, the Dagens Industri newspaper reported.

Such a transaction would value Volvo at SKR20bn (US$2.8 bn) to SKR25bn ($4bn), the newspaper said, without revealing sources.

The report said Geely was willing to strengthen Volvo’s operations in Sweden and Belgium and would invite an unnamed Swedish investor to join its bid to address the concerns of Volvo Cars employees and Swedish politicians over Chinese ownership.

Ford may keep any minority stake in Volvo Cars for at least the next seven years, Dagens Industri added.