It appears Geely is set to acquire a stake in Mercedes-Benz parent company Daimler, just a few weeks after the Chinese company had its bid to acquire a 5% stake in the company rejected. This is according to report by Gasgoo, which stated the deal is expected to be announced soon.

The owner of Volvo and holder of a substantial stake in Proton was never coy in its intention to acquire a piece of Daimler. While the German company did not accept the Geely’s offer to buy a stake at a reduced rate, it told the Chinese firm that it could acquire shares via the secondary market at market prices.

That’s exactly what the Chinese company has reportedly done, and with its 5%, it is set to be the third largest single shareholder of Daimler after the Kuwait Investment Authority (6.8%) and BlackRock (6%). As of December 31, 2017, 71.2% of Daimler is owned by institutional investors, 18.9% by private investors, 6.8% by Kuwait Investment Authority and 3.1% by the Renault-Nissan Alliance.

Daimler already has partnerships with BYD and BAIC in China, including in electric vehicles. It has been implied that Geely’s aggressive expansion will provide it access to Daimler’s EV battery technology, as it wants to start an EV joint venture in Wuhan.