Puma shares Jump on takeover Report
Frankfurt, Germany – Shares in Puma surged 10% on Wednesday after Germany’s Manager Magazin reported that two investors are preparing to possibly acquire the German sportswear maker. The jump makes Puma the biggest gainer on Europe’s STOXX 600 index, despite a 50% decline in share value year-to-date.
The report indicates the investors are positioning to purchase the 29% stake currently held by the French billionaire Pinault family through their holding company, Artemis. Manager Magazin identifies Authentic Brands CEO Jamie Salter and CVC‘s German head Alex Dibelius as the parties interested in the acquisition.
Puma and CVC both declined to comment on the report. Reuters’ requests for comment to Authentic Brands and a spokesperson for Artemis were not promptly returned.
Last week, a source close to Artemis told Reuters the company would not sell its Puma stake at the current market value and was not actively engaged in deal talks. however, Bloomberg reported in August that Artemis was exploring potential buyers for its approximately $960 million Puma stake.