Colonial's shares had lost more than 23 percent on Thursday, the day after a takeover bid by the Investment Corporation of Dubai fell apart when the sovereign wealth fund failed to reach an agreement with creditor banks to refinance the Spanish group's massive debt.
Colonial, the second-biggest Spanish property group which own offices and malls in Madrid, Barcelona and Paris, was more than 8.9 billion euros (13.8 billion dollars) in debt at the end of 2007.
