French retailer PPR group owns 62.1 per cent of German sportswear maker Puma AG following a voluntary takeover offer for the company.
“The PPR group is pleased to announce that after the expiry of the additional acceptance period of its voluntary public takeover offer for Puma, it has become the majority shareholder with a 62.1 per cent stake in Puma,” a company release stated.
“We are very pleased with the final result of our offer to the Puma shareholders, who have sent a strong signal of support for the transaction. We are at the starting point of a fruitful collaboration and will now focus on implementing our long-term strategic vision,” informed François-Henri Pinault, chairman and CEO of PPR and chairman of the Supervisory Board of Puma.
“A significant number of Puma shareholders followed the recommendation of the board of management to accept the offer price per share of 330 euros and to sell their Puma shares,” Puma said in a statement. Recently, the supervisory board of Puma appointed François-Henri Pinault, chairman and CEO of the PPR SA, as its chairman.
PPR bought a 27.1 per cent stake in Puma in April at 330 euros a share, and launched a full takeover for the company in a public offer that closed June 20. The offer was extended from June 28 until July 11 to investors who had not tendered their shares.
However, Rajiv Mehta, MD, Puma Sports India, declined to comment on the new developments.
Recently, Indiaretailing had reported about the possibility of this major acquisition.
– Vishnu Rageev R, Bangalore Bureau