M&S: ABI questions Stevenson

THE role of HBOS chairman Lord Stevenson of Coddenham in Philip Green's £8.4bn bid for Marks & Spencer is being questioned by the influential Association of British Insurers.

The ABI has written to HBOS deputy chairman Sir Ronald Garrick, who is also the bank's senior independent director, raising its concerns.

It questions a possible conflict of interest in Stevenson's role as a representative of both the borrower - Philip Green - and the lenders. Stevenson is senior independent director of Green's Revival Acquisitions bid vehicle and HBOS is one of the banks providing the finance for Green's bid. The ABI also highlights the fact that the HBOS chairman is already head of another FTSE 100 company, Pearson.

Green, meanwhile, is still attempting to woo American investor Brandes, which holds a crucial 11.8% stake in M&S. He is hoping the firm will put pressure on M&S to provide further financial information.