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LONDON, Nov 22 (Reuters) - Shares in Marks & Spencer
were up 2.9% in early trading after a report in The Sunday Times
said investment firm Apollo Global Management has been
"running the rule" over the British clothing and food retailer.
The newspaper cited "city sources" as saying Apollo
considered M&S a bargain, with the group's shares unreasonably
weighed down by the impact of the COVID-19 pandemic and the
market failing to attribute enough value to M&S's 50% stake in
Ocado's retail business.
The Sunday Times said it was unclear whether Apollo's
interest had been dampened by the recent surge in M&S shares -
up 33% over the last month.
M&S and Apollo declined to comment on the report.
Earlier this month M&S beat forecasts for first-half profit
and upgraded its earnings outlook for the second time this year,
sending its stock soaring on bets that one of Britain's most
elusive corporate turnarounds could finally materialise.
(Reporting by James Davey
Editing by William Schomberg)
