Sparks fly over Marks & Spencer

Marks & Spencer

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Key points •M&S spreads blew out on the news of Philip Green’s attempted LBO, and all three rating agencies placed M&S on review for downgrade.
• There is controversy over M&S’s 2014 issue: sterling houses unsuccessfully tried to get a change-of-control clause inserted into the documentation.
• The episode typifies the debate between those that believe investors should be protected more, and those that say caveat emptor.

UK retailer Marks & Spencer (M&S) is renowned