ICD says to buy 50.4 pct of Spain's Colonial

MADRID, March 11 (Reuters) - Investment Corporation of Dubai (ICD) said on Tuesday it had signed a deal with the main shareholders in Spanish property group Colonial (COL.MC: Quote, Profile, Research) to buy 50.4 percent of the firm.

The sovereign wealth fund said it would offer 1.19 euros per share in cash.

Colonial's main shareholders have been in talks with ICD for more than a month about a bid for all or part of the highly indebted Spanish company. (Reporting by Ben Harding and Sarah Morris)