The second biggest insurer in Portugal will likely become part of either Italian giant Generali or Spain’s Grupo Catalana Occidente, according to Reuters sources.

Apollo-owned Tranquilidade, whose sale is estimated to be worth as much as US$682 million (SG$924 million), is the rope in the tug of war between the abovementioned frontrunners. The news agency’s sources said binding bids were put forward earlier this month.

Contenders reportedly included Brussels-based Ageas and Munich-headquartered Allianz, whose bids were described as too low.

Meanwhile, if the sources are to be believed, it looks like Tranquilidade’s fate will be sealed sometime in the middle of July when a final decision is expected to be reached.