Green clears up M&S takeover speculation

Retail tycoon Philip Green moved today to quash speculation that he may be lining up another takeover approach for Marks & Spencer.

Green told the London Stock Exchange that he “wishes to make clear that he is not considering a possible offer for M&S”.

The statement comes amid continued speculation in the market about Mr Green’s intentions, following his failed £9.1bn (€13.1bn) approach in the summer.

Under takeover rules, Mr Green said he still reserved the right to make an offer for M&S in the event a third party announces a firm intention to bid.

The possibility of another approach from Mr Green’s investment vehicle Revival Acquisitions has hung over M&S since last month, when time restrictions on a follow-up move were lifted by takeover authorities.

The speculation, which has linked Mr Green to the 15% stake in M&S owned by US shareholder Brandes, has kept the retailer’s shares close to a two-year high.

That is despite poor trading figures at the high street giant, which said in January that its annual profits had been hit by a poor Christmas.

Prospects of a fresh approach appeared to fade at the weekend after one of the biggest backers of the entrepreneur's M&S bid was reported to have turned its attentions elsewhere.

Goldman Sachs’ private equity arm is now among the front-runners to buy Travelex, the world’s biggest foreign exchange provider.