Ageas SA/NV and Helvetia Holding AG moved closer to potentially acquiring Caser Seguros as the auction valuing the Spanish insurer at €1 billion reached its final stages, Reuters reported, citing unnamed sources.

Caser Seguros will evaluate the two proposals at its Dec. 18 board meeting, but a final decision may not be made until January considering the company's fragmented shareholder structure, a source reportedly said.

Santa Lucía SA did not make it to the final round because it failed to satisfy Caser Seguros' bidding conditions, while NN Group NV decided to back off from the process after expressing initial interest.

Earlier in December, Reuters reported that the four insurers were given until Dec. 3 to submit their final offers to take control of Caser Seguros. Nomura and Barclays are leading the auction, according to the report.

Helvetia, NN Group and Santa Lucia declined to comment, while Caser and Ageas were not immediately available, Reuters reported.