An EEF spokesman said: “We have been pretty accurate for the past few years and we are concerned the Bank is being asked to make rate decisions on questionable data.”However Len Cook, the Government’s chief statistician, defended his figures, telling The Independent ONS data was based on activity rather than “judgements about future prospects”. But even this may not be enough to sway the 350,000-strong army of private investors who own around 20 per cent of the company.The three US institutions – Brandes, Artisan Partners and Capital International – that own almost one-fifth of M&S remained tight-lipped about their plans for their stakes. Analysts valued the equity portion of Mr Green’s proposal last week at anything from 22p to 100p per share “The market is very poor at valuing these vehicles. My preference is for a cash premium,” the shareholder said.Analysts reckon that Mr Green would have to offer more than 400p per share in cash to win the support of the group’s institutional investors. Tim Green, at Brewin Dolphin, one of M&S’s top UK institutional investors, said: “I don’t see an all-cash offer being particularly useful because people want a share in the upside. The offer of equity was a great idea and shouldn’t be dropped too hastily.”However another top 10 shareholder questioned the point of an equity alternative given the City’s inability to decide what the so-called stub was worth. Philip Green is planning to sound out shareholders in Marks & Spencer about whether they are keen for him to include an equity alternative in any revised bid for the retailer.

They include tabling a revised all-cash offer, which could value M&S at up to £10bn including debt, and raising the amount of stub equity that he offers investors.Shares in M&S yesterday rose 4p to 361.5p, valuing the group’s equity at £8.2bn, as the City bet that Mr Green would raise his offer. A takeover bid for SAP would have involved Microsoft paying more than $60bn for the German-based company which yesterday had a market value of $52bn. This compares to Microsoft’s value of $283bn.SAP’s New York Stock Exchange-traded stock price was up 2.22 per cent yesterday in the aftermath of the revelations. Henning Kagermann, the chief executive of SAP, said: “SAP routinely evaluates potential opportunities to strengthen its leading position in the enterprise software market, and the disclosure made today should be interpreted this way.” Last month, Mr Kagermann and Mr Gates unveiled a move to increase interoperability between SAP’s web-based software solutions and Microsoft Office.. The software used by companies to run their businesses is seen as a growth area. Its dominant position in the market for personal computer operating systems has meant it is facing greater regulatory challenges as well as increased commercial competition.

The Microsoft-SAP talks are expected to be used by Oracle as justification for its purchase of PeopleSoft to keep pace in the fast-consolidating business software market.Although Microsoft’s plans for SAP would have been unlikely to pass muster with competition regulators, they reveal for the first time Microsoft’s willingness to contemplate large acquisitions as a way of growing its business after decades of rapid organic growth.Microsoft, founded by Bill Gates, is sitting on a $56.4bn cash pile and is under pressure to use the cash to buy rivals or hand it back to shareholders.Analysts have been pondering how Microsoft will carry on generating the kind of growth it has enjoyed since its formation in 1975. A spokeswoman for SAP said Microsoft had “ended the talks in March or April”. News of the talks emerged as part of the pre-trial discovery process in the case brought by the US Justice Department against Oracle’s $7.7bn (£4.2bn) acquisition of PeopleSoft. Microsoft revealed yesterday that it had planned to acquire SAP, one of its biggest technology rivals, in a deal that would have given it dominance in the specialist business software market, an area where it has been struggling to make significant progress. He was also conditionally awarded 294,643 shares which will vest in three years’ time, depending on the airline’s financial performance.Mr Rishton was paid £320,000 – a 17 per cent increase on the previous year – while Mr Street earned £346,000, a 5 per cent rise. Lord Marshall, who retires as chairman next month, was paid £263,000 compared with £251,000 the previous year. The top three executives at British Airways waived bonuses totalling £350,000 last year in a show of solidarity with the airline’s workforce, which is facing further big job cuts.

Sir Ken Morrison, chairman of WM Morrison, last year received just one quarter of the average pay, despite spotting a transformational opportunity when he pounced on Safeway.. Sir Christopher Gent, who retired last year as chief executive of Vodafone ranks number three, down one place from last year. Lord Browne, chief executive of the oil giant BP, also makes another appearance. He is joined by Sir Philip Watts, the ousted chairman of Shell.Company bosses who have been good value for investors have also been consistent. Mr Bailey received a £4.2m package in 2003, while Compass’s shareholders’ returns are down by nearly a third since 2001.Several executives make a return to the top 10 offenders of those whose pay is far higher than average while their returns to shareholders are all far into negative territory.