SIR VICTOR BLANK, one of the City’s highest-profile businessmen, has been approached to be chairman of Marks & Spencer following the rejection of Philip Green’s £12.5 billion bid for the company, writes Richard Fletcher.

If Blank accepted the job he would most probably have to stand down from the board of GUS, which is also a retailer and FTSE 100 company.

As a result, friends of Blank say he is almost certain not to make the move. This could leave it open for Paul Myners, the interim chairman of Marks & Spencer, to accept the post on a permanent basis.

However, the appointment would prove controversial. Although some shareholders backed his handling of the Green bid, others including Brandes - the largest shareholder in the retail group - criticised his refusal to talk to Green.

Observers have detected a change in Myers's attitude in recent days. When he stepped up to be interim chairman six weeks ago, he insisted that he was not interested in taking on the role permanently.

But in recent days his line has softened. “As Stuart Rose would say: ‘I wouldn’t rule anything in. I wouldn’t rule anything out’,” he said.

Myners has proved a particular hit with small shareholders.

Meanwhile, it has emerged that Rose, the newly appointed chief executive of Marks & Spencer, has attempted to broker a peace with Green.

On Friday Rose’s loyal chauffeuse, Caroline, was spotted delivering a case of Cheval Blanc wine to the BHS headquarters on Marylebone Road.

Chateau Cheval Blanc is the leading estate in the St Emilion wine region and is considered one of the finest French wines. A case would cost between £1,000 and £3,000.

On Friday Green left London and flew to Sardinia on his £16m private jet, a Gulfstream G550.

The billionaire, who is thought to have run up fees of more than £75m, plans to spend the next six weeks cruising the Mediterranean with his family on his custom-built Benetti super yacht.

It has also emerged that Green had lined up Stephen Sunnucks, the former boss of New Look, to buy BHS had he been forced to sell the chain by the Competition Commission.

Green had arranged £800m of financing for the deal, bringing the total raised to £13.3 billion.

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