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Wednesday, May 4, 2011

H&M says no basis to rumor regarding Gap deal, (NYSE: GPS)

Clothing retailer Hennes & Mauritz, or H&M, said on Wednesday that market rumors regarding a potential takeover of U.S. retailer Gap Inc (GPS.N) are "completely without basis." "We have as a policy not to comment on rumors, but this, I think, is completely without basis," said H&M spokeswoman Kristina Stenvinkel. Shares of Gap had hit a high of $23.72, but pared gains after H&M's comments. The stock traded at $23.20, up 27 cents or 1.2 percent, in morning trading. H&M shares were up 2.4 percent at 225.80 Swedish crowns in Stockholm.

The Gap, Inc. is a global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brands. Shares of GPS traded higher by 0.61% or $0.14/share to $23.07. In the past year, the shares have traded as low as $16.62 and as high as $25.70. On average, 8276110 shares of GPS exchange hands on a given day and today's volume is recorded at 6649235.