Puma shares Jump โonโข takeover Report
Frankfurt, Germany – โขShares in Pumaโค surged 10% on Wednesday after Germany’s Manager Magazin reported โthat two investors are preparing to possibly acquire โขthe German sportswear โฃmaker. The jump makes Puma theโ biggest gainer onโ Europe’s STOXX โ600 index, โdespite a 50% decline in share value year-to-date.
The report indicates the investors are positioning to purchase the 29% stake currently held by theโข French โbillionaire Pinault โfamilyโค through their holding company, Artemis. Manager โMagazin โidentifies Authentic Brands CEO Jamie Salterโ and CVC‘s German head Alex Dibelius as the parties โขinterested โin the acquisition.
Puma and CVC both declined to comment on the report. Reuters’ requests for comment to Authentic โBrands and aโ spokesperson for Artemis were not promptly returned.
Last week, a sourceโค close to Artemis told Reuters the company โขwould not sell its Puma stake at the current market โvalue and was not actively engaged in deal talks. however, Bloomberg โฃreported in August that Artemis was exploring potential buyers for its approximately $960 โmillion Puma stake.