Newspaper article Evening Gazette (Middlesbrough, England)

Green's Plangets Mixed Reaction

Newspaper article Evening Gazette (Middlesbrough, England)

Green's Plangets Mixed Reaction

Article excerpt

A declaration by Philip Green that he is planning a bid for struggling high street giant Marks and Spencer has received a mixed reaction locally.

But the billionaire owner of Arcadia and Bhs could come unstuck as he did with a move to buy Safeway last year.

Andrew Priestley, analyst with Middlesbrough stockbroker Redmayne Bentley, said: "He owns so much of the high street it would be difficult not to see regulatory authorities coming in.

"He showed his face at the Safeway-Morrisons show last year and drew the fire of other players.

"It would be interesting to see if this is another case of drawing the fire of other predators."

But Anthony Platts, of Thornaby stockbroker Wise Speke, believes Mr Green could be the man to turn around the fortunes of M&S, who this week said its sales recovery had faltered in the wake of fierce competition.

It is thought in City circles that any bid would have to be around pounds 10bn and Mr Platts believes Mr Green does have access to that sort of cash. …

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