M&S: Green pins bid hopes on US

RETAIL billionaire Philip Green was today set to begin courting major US investors in Marks & Spencer who could hold the key to his success in the £8.3bn takeover battle.

Green must win the support of American investors Brandes, Capital and Artisan, which together hold almost 20% of the shares.

Brandes of San Diego holds 12% of the group, making it the biggest individual shareholder in the company.

Funds controlled by Brandes have been selling small tranches of shares in recent days. Today, it said it offloaded about £57,000 of stock last Thursday. M&S shares added 1 1/2p to 357 1/2p today.

If Brandes, advised by its fund manager Amelia Morris, throws its weight behind new M&S chief executive Stuart Rose's recovery plans, Green is likely to walk away from his bid. He is not thought to be willing to launch a hostile offer directly to shareholders.

Meanwhile, it emerged today that Rose is sitting on a paper profit of more than £56,000 on M&S shares he bought just days before Philip Green told him he was preparing a bid.

Rose bought 100,000 shares in the group five days before a pre-arranged meeting with Green, at which the billionaire told him of his plans to take over the High Street giant.

While there is no suggestion of wrongdoing, the coincidental timing could prove embarrassing to Rose as he battles to win over investors.

Rose stressed he has been a shareholder in the group for several years and had not traded any shares since meeting Green.