Bhs and Arcadia owner Philip Green is unlikely to make a new takeover approach for Marks & Spencer, despite being free to move again under City rules. The six-month period under which potential bidders whose approaches have been formally rejected or withdrawn are barred by Takeover Panel rules from a new approach has expired this weekend.

Green withdrew his £9.1bn offer for M&S in July after shareholders backed the new management team led by chief executive Stuart Rose, parachuted in by the M&S board to lead its defence against Green. Despite continued sales problems, with Rose insisting his recovery strategy needs time to have an impact, the M&S share price has remained relatively strong as the City weighs up the prospects of a new bid.

However, Green apparently believes there are tougher times ahead for M&S, and may hope for a warmer welcome from the M&S board if there is still no sign of a recovery a year or more down the line. The Financial Times quotes a source close Green saying on Friday: "He is not going to bid for this company. He will want it to fail before he does anything. Rose has only had one bad Christmas so far, so he won't be moving on it this year."