Gucci''s owner acquires 27-per cent stake in Puma
11 Apr 2007
Prominent French retailer, PPR, which owns the Gucci brand has bought a 27-per cent stake in Puma, in a deal that values the Germany sporting goods company at $7.1 billion.
The acquisition clears the way for a full takeover of the firm whose logo is one of sport''s best-known images. Puma has welcomed the move, saying it was fair and in the firm''s best interests.
The French acquirer says that it would launch a friendly takeover for Puma, whose shares are currently worth €330 a share, after completing the acquisition of the 27-per cent stake had been completed.
On Monday the Herzogenaurach-based firm''s shares ended €29.25 or 10.2-per cent higher, at €315.24 on news of a possible takeover, though the identity of the potential acquirer had not been disclosed.
Puma,
one of the world''s biggest sports firms behind Nike and
Adidas, has been under pressure from falling profits due
to higher costs linked to its expansion. Its sales have
risen five-fold in the last six years.
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