By Nathan Allen 
 

Thyssenkrupp AG (TKA.XE) said Thursday its Steel Europe division will form a joint venture with China's Jingu Group and Ansteel to produce steel wheels for the Chinese automotive industry.

Jingu will hold a 51% stake in the venture, while Thyssenkrupp will take 34% and Ansteel will own the remaining 15%, according to a statement from Thyssenkrupp.

The deal is subject to approval from Chinese antitrust authorities and should close in a few months, Thyssenkrupp said.

Thyssenkrupp is currently negotiating a merger of its European steel operations with those of Tata Steel Ltd. (500470.BY).

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 21, 2018 08:46 ET (12:46 GMT)