Icelandic investment group 'buys stake in M&S'
An Icelandic investment group is building up a shareholding in struggling retailer Marks & Spencer, according to a report.
The unidentified investor is set to confirm shortly that it has spent £170m (€255.3m) on a stake of 3% or more, The Guardian said.
The buying has lifted the M&S share price to its highest level since late April. The retailer topped the FTSE 100 Index risers today, standing nearly 3% or 9.5p higher at 356.25p.
Companies listed on the stock market are obliged to announce publicly when investors raise their shareholding to 3% or more.
A spokeswoman for M&S said: “This is not something we would generally comment on.”
Reports cited Icelandic banks Kaupthing and Landsbanki and retail group Baugur as among likely buyers of the shares.
Kaupthing said in late April that it was buying banking and fund management group Singer & Friedlander.
Landsbanki agreed to buy stockbroker Teather & Greenwood for £43m (€64.9m) in February.
Baugur has been on an acquisition spree in the UK that has given it a UK retail portfolio including the Iceland frozen food chain, fshion stores Karen Millen and Oasis and toy retailer Hamleys.
In April M&S announced the latest downturn in its fortunes with a widely expected fall in fourth-quarter sales.
Chief executive Stuart Rose, brought in to turn the group around and fight off takeover interest from Burton-to-Top Shop owner Philip Green, said at the time that trading remained difficult.
However, he said the group believed it was making progress in tackling the issues it faced.
