Home Retail Group was a top riser on the stock market today after media speculation suggested Asda parent Wal-Mart is eyeing the British retailer as a potential acquisition.
The company rose to a four-month high in London trading after the report in the Mail on Sunday claimed that Wal-Mart Stores Inc.'s Asda may be interested in making an offer for the UK retail group in a bid to close the gap on its rival Tesco.

Home Retail, based in Milton Keynes, gained as much as 4.7%, according to reports, going up 14.7 pence (5.2%) to 295.1 pence this morning, valuing the company at £2.59bn.

DIY Week reported last February that Asda was aiming to reach the number one spot for non-food retailing by accelerating the expansion of its Asda Living stores which, based in retail parks, offer a variety of non-food items including electrical goods, furniture, homewares and leisure goods.

Speaking to DIY Week in Feburary, Asda ceo Andy Bond said: "Asda Living continues to exceed our expectations. In its own right our Living format is now a bigger non-food business than a number of high profile brands. We are well placed to accelerate when the environment for out of town retail improves."

Walmart announced today that Andy Bond will be stepping down as Asda ceo and moving to a new role as chairman of Asda’s Executive Committee. The company said a new ceo will be appointed for its UK business soon.