Green confirms interest in bidding for M&S

Retail entrepreneur Mr Philip Green yesterday confirmed his interest in bidding for Marks and Spencer.

However, after early gains, shares in M&S closed down 27p sterling (43 cents)at 273p as the market digested news of profit downgrades and hopes of a bid from supermarket group Tesco faded.

Meanwhile, shares in J Sainsbury, the supermarket chain, jumped 21p to 322p after reports that the lawyer who controls part of the family share holding in a blind trust had appointed bankers to give her financial advice on options for the 13 per cent stake.

Mr Green put out a statement saying that he had hired advisers to help and it was too early to say whether a proposal would be put to the M&S board.

Tesco, which refused to comment on weekend reports that it had hired bankers to size up M&S for a possible bid, did not put out a statement.

People close to the M&S situation said: "It is still very early but this is not being looked up as a break up bid by Philip. It is the greatest name in retailing and any deal is about operating and managing the business."