Following an investigation into the matter, the UK's Financial Services Authority has dismissed suggestions that insider trading may have taken place in connection with the takeover battle for UK retailer, Marks and Spencer.
Foul play was initially suspected when it emerged that prior to his appointment as the firm's chief executive, Stuart Rose purchased 100,000 Marks and Spencer shares following a telephone conversation with retail entrepreneur Philip Green on May 7. A few days after their conversation, Mr Green unveiled his proposed takeover bid.
Mr Rose insisted that he knew nothing of Mr Green's intentions towards the firm until a May 12 meeting, but the matter was referred to the FSA's Enforcement Division for further investigation late last month.
However, in a statement released on Thursday, the financial services regulator cleared the new M&S boss of any wrongdoing, announcing that:
"On the basis of the facts the FSA has established, there are no ongoing enquiries in respect of Mr Stuart Rose."
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