The Investment Corporation of Dubai has been granted an extension on its period of bid exclusivity with the key shareholders of debt-strapped Spanish property giant Colonial until 27 February. In a statement, the sovereign wealth fund said it asked for the extension to continue both due diligence and negotiations with Colonial's creditor banks. Colonial shareholders Luis Manuel Portillo, who owns nearly 40% of the company and resigned at end-2007 as chairman, and Juan Carlos Nozaleda, who holds 12.3%, have already agreed to accept an offer from ICD should it materialise. Should ICD purchase their stakes, it would be obliged to make a public offer for outstanding shares.
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