Green drops bid for M&S

Retail tycoon Philip Green last night dramatically dropped his £9.1bn bid for Marks & Spencer, blaming the retailer's board for blocking a formal offer.

Mr Green walked away after nearly 3,000 small shareholders offered almost total support to the board at the M&S annual meeting in London. But he vowed to take customers from M&S and "breathe down their necks in every high street in the UK" through his companies Bhs, Top Shop, and others. "We will see who is the best retailer; there is only one vote that counts and that is the customers."

It is the second time Mr Green has tried and failed to win control of M&S. His bid proposal - which emerged six weeks ago - had turned into one of the dirtiest battles in recent City history.

A spokesman for Mr Rose said the board was not celebrating a victory. "The hard work begins now. We have got to deliver."

On Monday Mr Rose had spelt out a plan to return £2.3bn to shareholders - worth £1 per share - and announced the sale of the retailer's financial services offshoot to HSBC. He also plans to buy the Per Una range of women's fashion from its creator George Davies and make savings of up to £320m a year.