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J C Flowers and Cerberus Capital Management tipped to buy out HSH Nordbank
The Wall Street Journal (WSJ) is reporting that American private equity firms J C Flowers and Cerberus Capital Management have sealed a deal to buy Germany’s HSH Nordbank for up to €1bn ($1.2bn).
The bank, owned by the German states of Schleswig-Holstein and Hamburg, must find a buyer by the end of February or face liquidation.
The bank sale has seen many parties from across the globe linked with buying what used to be one of the largest ship financiers in the world.