Investment Corp. bid for the Colonial unit on March 11, a week after its cash-and-securities offer for all of Colonial was rejected. A slump in the Spanish real-estate market caused Colonial to lose 4.8 billion euros of its value in six months and made it a more attractive target.
Colonial owes 6.3 billion euros to banks including Goldman Sachs Group Inc., Eurohypo AG and Royal Bank of Scotland Group Plc. The company and its biggest shareholders have accepted the offer by Investment Corp., a sovereign wealth fund owned by the government of the Persian Gulf emirate.
The Dubai fund said yesterday that ``if there's any possibility of an agreement with Colonial, apart from the terms contemplated in the March 11 agreement, ICD will consider it.''
