M and S boss grilled over share dealings
Marks & Spencer boss Stuart Rose was today given a two-hour grilling by the City watchdog over dealings in the group’s shares.
Mr Rose has denied any wrongdoing in a deal to buy 100,000 shares in M&S, which was completed just hours after a phone call with retail tycoon Philip Green on May 7.
That transaction is believed to be at the centre of today’s meeting between the Financial Services Authority (FSA) and Mr Rose, who was accompanied by his lawyers.
Mr Rose maintains that the phone call from Mr Green was only to invite him for a meeting on May 12 where the entrepreneur revealed his intention to bid for M&S.
The stakes involved in the battle for control of the retailer were underlined today by increased security around Mr Rose and his team of advisers.
The retailer is believed to have acted on concerns that sensitive information was entering the public domain.
The FSA is looking into unusual share trading in the period up to May 27, when retail tycoon Philip Green announced plans for an £8bn-plus (€11.9bn) bid for the retailer.
Earlier this week, Mr Rose said it would have been a “leap of faith” to suggest that he might become M&S chief executive when he purchased shares in the group.
Press reports had effectively ruled him out of the race and Mr Rose insisted the investment had been on cards for months.
The size of the share deal was not unusual as past dealings in M&S have often been for double the 100,000 purchased on May 12, Mr Rose said.
