Business Services Industry
Daily Mail, London, Market Report.(Jun. 25).
Knight Ridder/Tribune Business News, June, 1999 by Foster, Geoff
Knight Ridder/Tribune Business News
Jun. 25 -- ARE SAINSBURY AND M&S SET TO MERGE? Two days after Sir Richard Greenbury abruptly quit as chairman of Marks & Spencer following 46 years of service, the struggling retailing giant succumbed to a wave of nervous selling. The shares slumped 15 pence before closing 11 pence lower at 355 1/4 pence on talk that a leading broker had slashed its profit forecasts ahead of next month's agm.
Bears believe Greenbury decided to hang up his boots 12 months early because he did not relish the prospect of facing irate shareholders at the Grosvenor House Hotel in Park Lane on July 15. Having promised a rapid recovery, he was faced with dire current trading, with the consequent profit implications. Clothing like-for-like...
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