South African group Paulsmeier Inc says it does not wish to be part of a bid for Marks & Spencer (M&S), ending two days of frantic rumours of a proposed 410p-a-share offer for the retailer.
Paulsmeier said it had been involved in the facilitation of a possible buyout but it was no longer part of the project. It still believes an M&S buyout is possible.
Now the Financial Services Authority (FSA) is investigating possible market manipulation of M&S’s shares.
The FSA is thought to have put pressure on the South African financier Mark Paulsmeier to clarify his company’s position after trading volumes in M&S shares surged on Tuesday.
References: Financial Times 25/02/05 page 22, The Guardian 25/02/05 page 19, The Times 25/02/05 page 48, page 50 (Need to know), page 58 (City Diary), The Daily Telegraph 25/02/05 page 31, page 36 (The Market), T
