Dubai fund approaches Colonial for possible bid

 

 

The Investment Corporation of Dubai (ICD) has approached Colonial about buying major stakes in the Spanish property firm, which could lead to the state fund making a full takeover bid, Colonial said on Thursday.

In a statement, Colonial said ICD was looking at buying stakes held by the Nozaleda family and former chairman Luis Portillo, who together own more than 52 per cent of Colonial, according to stock exchange records.

ICD has asked for access to Colonial's books.

The company, whose share price has tumbled in the last few weeks, said it would consider ICD's approach at a board meeting later on Thursday.  (Reuters)