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.