GE might bid for Spanish Real Estate Company

January 22, 2008

General Electric Co. may bid for Inmobiliaria Colonial SA, the Spanish real estate company that’s lost about 60 percent of its market value in six months.GE’s plan, disclosed by the Fairfield, Connecticut-based company in a regulatory filing today, would be the second potential offer in a week for Colonial. The developer rose 1.3 percent, valuing the company at 2.5 billion euros ($3.6 billion). The shares have climbed 17 percent in the last three trading sessions.

By acquiring Colonial, GE would gain 12 billion euros of assets including offices and malls in Madrid, Barcelona and Paris. Luis Manuel Portillo last month quit as Colonial’s chairman after a slowdown in the property market caused shares of developers to slump.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: