Marks & Spencer is considering launching a rights issue as it closes in on a deal to buy half of Ocado’s domestic online grocery business.
Sources said that the M&S board was “debating and discussing” a bumper cash-call to fund the acquisition, which would transform the high street group from an internet laggard into a substantial force in online retail.
M&S and Ocado are in a race against time to finalise talks and could announce their joint venture as soon as today, according to City and industry sources.
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