Stuart Rose was cleared yesterday of allegations of insider dealing.

The Financial Services Authority (FSA) took just 13 days to complete the inquiry into Rose’s purchase of 100,000 Marks and Spencer shares prior to Philip Green’s bid for the company.

Meanwhile the Green’s battle for the company continues as his revised offer of £9.1bn was rejected yesterday.

Green is waiting to see M&S shareholders’ assessment of the company’s strategy at the meeting on Monday.