FRANKFURT (Reuters) -- ZF Friedrichshafen is nearing a sale of its steering business as part of its proposed acquisition of TRW Automotive to resolve expected antitrust issues, a German newspaper reported.
ZF makes steering systems through ZF Lenksysteme, a joint venture with Robert Bosch. It is set to sell its 50 percent interest in the joint venture within days to Bosch, Stuttgarter Zeitung reported Friday, citing employees of ZF Lenksysteme.
Bosch declined to comment and ZF Friedrichshafen was not immediately available for comment.
Reuters reported last month that ZF is considering the sale of its stake in the joint venture, which had annual revenue of 4.11 billion euros ($5.5 billion) in 2013.
ZF wants to have the divestiture in place before it strikes a deal to buy TRW for nearly $12 billion to create an automotive supplier focused on powertrain and car safety components