Fiat-Chrysler could be set for a Chinese acquisition.

According to Automotive News, an unnamed Chinese automaker has expressed serious interest in buying FCA. The company apparently made an offer earlier this month that was slightly above FCA’s market value, but it was rejected as it was considered too low.

FCA is apparently being looked at by more than one large Chinese automaker. A separate source indicated representatives from China’s Great Wall Motor Co. had traveled to FCA’s Auburn Hills, Michigan headquarters to discuss a potential acquisition. It’s believed that FCA reps have also traveled to China to discuss the matter.

It’s not known exactly which Chinese brands are interested in buying FCA, with Great Wall, Dongfeng Motor Corp., Zhejiang Geely and Guangzhou Automobile Group, which is FCA’s current joint venture partner in China, all being named in AN’s report.

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Any sale of FCA would include its Jeep and Ram brands, along with Chrysler, Dodge and Fiat. That means Maserati and Alfa Romeo would be spun off into separate entities just as Ferrari was last year with its IPO. This would make the most money for FCA’s holding company Exor – which is controlled by the Agnelli family.

FCA has been on the market for a couple of years now, with company CEO Sergio Marchionne famously seeking partnerships with both General Motors and Volkswagen. In recent years Marchionne has worked to make FCA more viable for purchase by an outside brand, cutting slow-selling products like the Chrysler 200 and Dodge Dart and doubling down on more popular trucks and SUVs.

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