BMW has not ruled out a possible takeover as part of its new growth strategy that’s expected to be unveiled later in the year. In an interview with German newspaper Börsen-Zeitung, BMW finance chief Stefan Krause told reporters that “the possibility of acquisitions is not ruled out in principle.”

Krause didn’t reveal any potential targets, but previous reports suggested that BMW was considering an acquisition of Volvo and had even met with the Swede’s finance team on a fact finding mission. BMW is, however, wary of the mistakes made with the failed takeover of the Rover Group seven years ago but isn’t deterred from trying again with a new partner.

Other strategies that BMW will focus on cover such things as new products, currency hedging, improving production efficiency and a possible collaboration on developing and building environmentally friendly engines.