ICD: bid for Colonial is 'a good offer'

Published Saturday, March 01, 2008

By Agencies

Investment Corporation of Dubai (ICD), an $82 billion sovereign wealth fund, said on Saturday its takeover bid for Spanish property firm Colonial should not be spurned.

Colonial said on Friday shareholders were still studying the 3 billion-euro-plus cash-and-bond offer from ICD and that both sides had decided to extend a deadline for talks until March 3.

"It's a good offer," ICD Managing Director Saad Abdul Razak told reporters. "Let's see what happens on Monday," he said.

Abdul Razak declined to comment further. (Reuters)

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