M&S share buy-back begins

Marks & Spencer began buying back more than a quarter of its shares at 362p each today in the largest tender offer in UK corporate history.

M&S revealed the scheme, which will see £2.3bn (€3.3bn) returned to shareholders as a reward for their loyalty during the fight against a potential £9.1bn (€13bn) takeover bid from retail tycoon Philip Green, was oversubscribed.