M&S shares jump on reports of possible takeover

Shares in Marks & Spencer jumped over 3% early Monday (November 22) after reports it could face a takeover bid.

The Sunday Times says investment firm Apollo Global Management has been "running the rule" over the British clothing and food retailer.

It cited City sources as saying Apollo saw the firm as a bargain.

M&S shares have been weighed down by the impact of the global health crisis.

Apollo also reportedly thinks the market undervalues the company's 50% stake in Ocado's retail business.

However, M&S shares have surged 33% over the past month.

Earlier in November it beat forecasts for first-half profit, and upgraded its earnings outlook.

Investors hope that could finally signal success for a long-elusive turnaround.

Now it's not clear whether the share-price surge could dent Apollo's interest.

There was no comment on the reports from either firm.

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