South African investor seeks to quash takeover stories
South African financier Mark Paulsmeier says he is no longer considering a bid for ailing retail giant Marks & Spencer.

He insisted that his group, Paulsmeier, had been involved in the facilitation of a possible takeover, but that 'in the light of developments' had decided not to proceed.

He added that his organisation had 'decided to disassociate itself from any transaction involving a bid for the company and will not have any further involvement with this project'.