Spanish property company Colonial has announced plans to sell EUR 1.4 bn worth of convertible bonds as part of programme to reduce its debt. In a statement to the stock market regulator, the company said it will seek shareholder approval on the new measure during a meeting to be held on November 20. Additionally, the company unveiled plans to pull out from a merger agreement with Riofisa as it said the sale of the shopping centre unit is 'essential' to improve the company's debt structure. The de-merger is also due to be discussed in November.
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