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Articles: M&S chief denies any wrongdoing

Posted by admin on Monday, June 28, 2004 - 02:32 AM

Marks & Spencer chief Stuart Rose has denied any wrongdoing as the UK's financial watchdog probes "suspicious price movements" in the firm's shares.
Mr Rose told BBC Radio 4's Today programme: "If I had done something wrong I would step down from the company. I have done nothing wrong." Retail tycoon Philip Green revealed he was planning a bid for M&S on 27 May, causing the firm's shares to surge. Mr Rose has confirmed he bought 100,000 M&S shares earlier that month on 7 May. What has complicated matters is the fact that Mr Rose says Mr Green telephoned him on 7 May to arrange a meeting for 12 May. Mr Rose, who was appointed as chief executive to fight off the takeover approach, said there was no mention of a bid for M&S during the telephone conversation. 'Totally supportive' But at the meeting on 12 May, Mr Green told Mr Rose - who had not yet been asked to head M&S - he was considering making a bid for the company, the clothing and food retailer said in a statement. M&S said it was confident that the Financial Services Authority (FSA) would find Mr Rose had done nothing wrong in buying M&S shares before the takeover bid was launched. "The board is totally supportive of Stuart Rose," it said. "When Stuart Rose acquired shares in M&S on 7 May, he did not know either that Philip Green would make a bid for M&S or that he would be asked by the company to become its chief executive," M&S said. "Stuart Rose was at no point part of Philip Green's bid team," the company added. Mr Rose said he would fully co-operate with the FSA's investigations. Probe stepped up On Saturday the FSA revealed it was stepping up its inquiry into trading of the company's shares. "We are satisfied that there is something further that we need to investigate," the FSA said. The FSA's probe centres on "suspicious" changes in the company's share price before Mr Green revealed he was considering a takeover offer on 27 May. Mr Rose's shares are thought to have increased by about £86,000 since he bought them.

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