Financier Philip Green has announced he has no intention of bidding for Marks & Spencer. The announcement ends weeks of speculation he was stalking the company with the intention of launching a takeover. Green said he did reserve the right to make a bid if an offer was made by a third party. Green had announced on December 13 that he had appointed Donaldson, Lufkin & Jenrette International as fianancial advisers to look into a possible bid. It led the M&S share price to soar from 250p to 330p. Speculation was further fuelled this week after it was discovered Green's wife held nine million M&S shares. President and CEO of Wal-Mart Europe Allan Leighton has also been linked with a takeover bid for the company. After being forced to show his hand by the Stock Exchange this week, it was discovered Leighton held no shares and he continues to deny any interest. In the meantime M&S has announced a number of measures to try and ramp up sales, led by new director of marketing Alan McWalter. These include a greater tailoring of ranges to local needs as part of a "getting closer to the customer" exercise. Some 4,000 more staff will be directed on to the shop floor by creating 1,000 jobs. One suggestion mooted in Baker Street is the break up of the lucrative property portfolio including the ditching of the central London HQ. A rethink of company advertising is also under way. M&S currently uses three agencies but is to unify its advertising activities under one firm with "an established track record working with big brands". Marketing spend is expected to increase this year from £60m in 1999 to around £100m. M&S intends to have a new campaign running later in the spring. {{NEWS }}

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