M&S pension fund trustees met yesterday to, amongst other things, discuss the latest bid for the retail chain by Philip Green.

The trustees, who are expected to take a more prominent role in the takeover battle, are said to have talked through the implications of green’s £8.4 billion indicative cash offer.

Two developments this week; WH Smith calling off talks with Permira following the demand for a cash injection from pension trustees; and Green demanding to be told the funding position of the pension scheme; are expected to bring the M&S trustees closer to the battle line.

National media has reported this week that the Financial Services Authority (FSA) is likely to investigate the purchase of a substantial number of M&S shares by Stuart Rose, minutes after a conversation with Green in the run-up to his May 27 bid for the group. However, Rose, now ceo of M&S, is said by the company to have received no contact from the FSA.

Green’s Arcadia owns one share of M&S and he is therefore entitled to attend the M&S annual meeting on July 14. When asked of his intentions, he told The Times: “I am in the retail business, not the circus business.”

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