DUESSELDORF, Germany -- German steel and heavy engineering group ThyssenKrupp plans to form a joint venture with DaimlerChrysler AG to build steering systems, the IG Metall union said Monday.
An IG Metall representative said Thyssen would take a 60 percent stake in the joint venture, with DaimlerChrysler holding the remaining 40 percent.
The management of both companies had signed declarations of intent Jan. 21, with an option for Thyssen to buy out the DaimlerChrysler stake in 2005 as part of the agreement, he said.
A ThyssenKrupp spokesman confirmed the companies were in talks but declined to comment further. No DaimlerChrysler officials were immediately available to comment.