Gap Gains on CNBC Report Speculating Fast Retailing Interest

Gap Inc. advanced the most in more than six months on a report that the largest U.S. specialty- apparel retailer hired an adviser following interest from Japan’s Fast Retailing Co.

The shares rose 4.8 percent to $32.88 at the close in New York, the biggest one-day gain since Aug. 2.

CNBC cited a report by StreetAccount, a financial news service owned by FactSet Research Systems Inc., which said it had heard speculation about Fast Retailing’s interest in Gap.

Fast Retailing, the owner of the Uniqlo clothing chain, has expanded outside of Japan to reduce reliance on its home market. Tadashi Yanai, Fast Retailing’s billionaire chief executive officer, said in an interview in November 2011 that he’s seeking acquisitions to expand in the U.S. and boost global sales sixfold to more than $60 billion within the decade.

Edie Kissko, a spokeswoman for San Francisco-based Gap, said in an interview that the company doesn’t comment on rumor or speculation.

To contact the reporter on this story: Chris Burritt in Greensboro at cburritt@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.