Spain's troubled property group Colonial is offering its creditor banks an option to acquire its 15.45% stake in construction group Fomento de Construcciones y Contratas (FCC) as well as its 33% interest in French property firm Societe Fonciere Lyonnaise (SFL). In a statement to the Spanish stock market authorities CNMV, the debt-strapped firm said that it will continue to look for buyers for the stakes despite giving the purchase option to a consortium of creditor banks including Calyon, Eurohypo, Goldman Sachs and the Royal Bank of Scotland. The banks can exercise the buy option from December 11 to January 10.
Premium subscriber content – please log in to read more or take a free trial.
