Colonial shares rise 13pc on ICD offer talk

The shares added as much as 22 cents to 1.94 euros and traded at 1.84 euros, up 7 per cent, as of 11:09 a.m. in Madrid. The stock has slumped 66 per cent in 12 months.

"There's a lot of unconfirmed speculation in the market that other funds may be interested and that could push the Dubai fund into making an offer,'' said Francisco Salvador, a director at Venture Finanzas SA in Madrid.

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Negocio reported that a group led by Juan Villalonga, a former Telefonica SA chairman, gained 400 million euros ($586 million) in backing from a Taiwanese fund for a possible bid for Barcelona-based Colonial. The newspaper didn't say who provided the information.

Colonial said Jan. 31 it was approached by the Investment Corp. of Dubai about a possible bid. Nozar SA, Colonial's second-largest shareholder, said February 7 that it may agree by February 21 to sell its stake to the Dubai investors.Investment Corp. of Dubai is expected to make an offer for Colonial on Feb. 21, El Pais reported yesterday in its property supplement, citing no one