UK high-street retailer Marks & Spencer last night confirmed it has been considering acquiring supermarket J Sainsbury, but said it "does not intend to make an offer" unless another bidder, such as the private equity consortium presently running its slide rule over what could be the biggest European buyout on record, moves on the retailer first.

Marks & Spencer said last night: "In response to recent speculation, the board of Marks and Spencer Group confirms that it has been considering its position in relation to a possible combination with Sainsbury."