EuropeFinance and Insurance
Three private equity firms circle around HSH Nordbank
Three private equity firms have lodged bids for German ship finance giant HSH Nordbank, according to Reuters.
Apollo, Cerberus and J C Flowers are all reported as bidding for the state-owned financial institution, which has to privatise under EU laws. J C Flowers already has a 5% stake in HSH Nordbank.
The bank has around EUR6bn of shipping loans on its books at present. Hit by the downturn in shipping the bank has been through a major restructuring, selling off many assets in recent years.