Four candidates have been picked by Deutsche Bahn as suitable buyers for its logistics unit DB Schenker. Citing sources familiar with the matter, Reuters said that the companies moving forward in the bidding war are Maersk, DSV, Bahri and a consortium comprising CVC, ADIA and GIC. 

The bids are to be collected in July with DB confirming the names of the four companies to Reuters. The next phase of the bidding will include collecting binding offers which are part of a detailed examination.

It was previously reported that bids ranged from €13 billion to €15 billion, with Deutsche Bahn aiming to use the proceeds to cut its €34 billion debt. Once the binding offers are collected and examined, an agreement with the final buyer will be completed. The deal is expected to be reached before the end of the year, with the sale completion expected in 2025.

German rail operator kicked off the official sale proceedings in December last year. At the time, DB said it had laid out “an open and non-discriminatory process for the sale of the shares”. The logistics arm was also valued between €12 billion and €20 billion.

Read more: Maersk pulls out of bidding for DB Schenker