Green’s M&S battle shifts to the US

THE battle for Marks & Spencer switched to the United States yesterday as retailing tycoon Philip Green prepared for talks with the company’s biggest shareholders.

Reports said the owner of Arcadia and BHS could walk away from bidding if major US investors side with the firm's new management team.

The M&S board has already rejected two approaches including an £8.4 billion (e12.8bn) offer on Wednesday but could come under increasing pressure if institutions holding an estimated 20% of the company offer Mr Green encouragement.