M&S chief gets backing amid takeover moves

British retail giant Marks & Spencer today appeared to have won the support of its private shareholders for a campaign to fend off a proposed £9.1bn (€13.6bn) takeover by tycoon Philip Green.

At the annual meeting of M&S in London, many investors said new chief executive Stuart Rose should be given time to turn around the struggling retailer.

A chorus of boos met shareholder Leonard Bash who compared the sales performance at Bhs, which is owned by Mr Green, with the faltering trading performance at M&S.

But investors sought assurances from the board about the strength of the M&S pension fund and details of the £2.3bn (€3.4bn) windfall unveiled by Mr Rose on Monday.

There was also criticism of overseas investment houses which will play a key role in deciding the outcome of the takeover battle, but which were not thought to have attended the meeting today.

M&S has rejected three approaches from Mr Green, including a final proposal of 400p per share on the grounds they undervalued the group.