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Spain's Colonial rejects bids for Riofisa under e500m as inadequate - sources
Struggling listed Spanish real estate group Colonial, since early last year in control of its credit banks, has rejected a number of offers for the developer Riofisa as being too low, market sources said. Colonial paid e2bn for Riofisa following its successful takeover bid launched in April 2007, and now is having difficulties in attracting offers of over e500m, its level of debt.