Green set to bid €14bn for M&S

Retail tycoon Philip Green is planning to make a final offer worth around £9.1bn (€13.6bn) for Marks & Spencer, he revealed today.

The proposal will be delivered to shareholders ahead of the August 6 deadline set by the British Takeover Panel yesterday.

In a statement to the Stock Exchange, Mr Green stepped up the pressure on M&S by revealing the new offer has the support of its biggest shareholder.

US-based Brandes has agreed to sell its 11.7% stake in M&S if he makes a formal bid.

The deal still hinges on the support of the M&S board and other conditions, including due diligence.