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Puma shares surge as Anta Sports buys Pinault family stake for €1.5bn
(Sharecast News) - Shares in German sportswear giant Puma surged in early trade on Tuesday after China's Anta Sports Products revealed it was taking a 29.06% stake in the company. Anta is paying the Pinault family - which owns the Kering luxury conglomerate, home to Gucci - €1.5bn to become Puma's biggest shareholder.
Hong Kong-listed Anta said it would pay €35 a share in cash, a 62% premium to the German group's closing price of €21.63 on Monday.
"The transaction marks a significant step in ANTA Sports' globalisation strategy, further enhancing its reach, recognition and competitiveness in the global sporting goods market," Anta, which owns the Fila brand, said in a statement.
Ding Shizhong, Board Chairman of Anta said: "We believe Puma's share price over the past few months does not fully reflect the long-term potential of the brand. We have confidence in its management team and strategic transformation."
"Moving forward, we hope to build strong trust, work together at arm's length, and leverage our complementary strengths without comprising independence. We look forward to supporting the brand's ongoing revival."
Reporting by Frank Prenesti for Sharecast.com
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