Philip Green, reportedly, is persuading American investors to back his offer for Marks & Spencer. Green has been talking to M&S' biggest shareholder Brandes, in an attempt to persuade it to sell its 11.8 per cent stake or pledge an 'irrevocable' acceptance to his offer.

Some expect Green could win its support as early as today. He could then re-approach M&S with a new bid proposal. Marks chief executive Stuart Rose firmly rebuffed Green's indicative offer of 'not less than' 370p per share.