Green to launch bid for M

Retail tycoon Philip Green, who owns the Bhs, Top Shop and Dorothy Perkins retail chains in Britain, is expected to launch a bid for Marks and Spencer next week.

Mr Green said he was close to finalising a financing package and is expected to pay over stg£9 billion for the group.

M&S shares, which jumped about 20% on Thursday, climbed to a new 18-month high of 362p yesterday as investors factored in a likely bid of up to 400 pence per share.