Dubai agrees Colonial price

The Investment Corporation of Dubai (ICD) and Inmobiliaria Colonial SA have agreed to a final price for the Spanish group’s property business of €1.2-€1.3 per share, ABC reported, without citing sources. Acording to the newspaper’s online edition, core shareholders Luis Portillo and Nozar will keep the group’s land business.

Yesterday, ICD and Colonial agreed to return to the negotiating table after the groups failed to reach an agreement by the deadline for exclusive talks. ICD initially launched a bid for Colonial at €1.85 per share in cash, or €2.25 per share in securities, valuing the company at €3.0bn-€3.6bn.

Spain’s market regulator CNMV has requested that the interested parties clarify the status of the talks. Trading in the securities of Colonial was suspended ahead of the announcement and will be lifted before the market opens today.