By
Reuters
Published
May 4, 2011
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H&M says no basis to rumor regarding Gap deal

By
Reuters
Published
May 4, 2011

May 4 - Clothing retailer Hennes & Mauritz, or H&M, said on Wednesday that market rumors regarding a potential takeover of U.S. retailer Gap Inc are "completely without basis."

H&M, Gap Inc.
Pedestrians outside a H&M store in London

"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.

(Reporting by Anna Ringstrom in Stockholm, Jessica Hall in Philadelphia)

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