With the takeover battle for UK retailer Marks & Spencer gathering momentum, the Financial Services Authority is keen to find out who knew what when they bought M&S shares before Philip Green announced a bid.
One of those likely to be interviewed by the FSA is Michael Spencer, chief executive of interdealer broker Icap. Spencer says he knew nothing of Green?s intentions when he bought £5.5 million-worth of M&S shares. So how are we to explain Spencer?s prescience? At Icap?s recent ?Utilising Technology to Enhance Liquidity? conference in London, joint chairman of Investec Asset Management and politician Howard Flight spoke about UK tax policy and its impact on the economy.
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