Lukewarm response to M&S bid plan

Billionaire Philip Green today drew a lukewarm response from investors after outlining details of a proposed £9bn (€13.5bn) takeover of Marks & Spencer.

Shares fell 4% after the Bhs and Arcadia boss announced he was ready to give M&S shareholders up to £7bn (€10.5bn) in cash and a 25% stake in a newly-listed company.