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Green eyes M&S

by: Leslie Bunder - Last updated: 2004-05-28

Philip Green

Philip Green

Retail tycoon Philip Green is considering making a bid for high street retailer Marks and Spencer.

Green, 52, a self-made billionaire, who owns British Home Stores and the Arcadia chain of fashion brands including Top Shop has issued a statement through his investment company, Revival Acquisitions concerning his interest.

"Revival intends to approach the board of Marks & Spencer in the next few days with its proposal and to seek a recommendation. Any proposal would involve a mixture of cash and shares in a new company which would seek a listing. There can be no assurance that any offer will be made."

Should Green decide to pursue his interest in Marks and Spencer, it will further crown him the king of British retail and increase his market share of clothing to 20%.

Last autumn, Green dropped out of plans to acquire the Safeway supermarket chain leading to speculation that he had his eyes on something bigger.