Gap Gains on CNBC Report Speculating Fast Retailing InterestChris Burritt
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.