Three private equity bidders have advanced to the final round of bidding for West LB's 27% stake in HSH Nordbank, a real estate and shipping financier part-owned by the German government. The sale would mark the first time a holding in a German state bank has been sold to a private investor.

Cerberus Capital Management, JC Flowers and Corsair Capital are the three firms that remain in the auction, according to Reuters. Each has submitted a bid of about €1.2bn ($1.5bn).