Colonial: Bluff, maybe

Hell for Colonial shareholders has suddenly become hotter. The Spanish property group, which was worth E3bn a month ago, then E2bn two weeks later, was barely worth more than E1bn after talk between its creditor banks and potential buyer Investment Corporation of Dubai broke down Wednesday night. This comes only a few days after Colonial’s controlling shareholders had agreed to let ICD take control of the company’s profitable rental assets – which accounts for almost all of its ebitda. Given th...