Pinault's PPR snaps up Puma stake
An assistant moves stock at a Puma store in Frankfurt, Germany. Alex Kraus/Bloomberg News |
PPR, owner of the Gucci Group of luxury-goods brands, paid 330 euros per share for the stake held by German billionaires Guenter and Daniela Herz and will offer the same to other shareholders, Herzogenaurach, Germany-based Puma said. The offer is 4.8 percent more than Puma's closing price last Thursday.
An acquisition of Puma would increase the portion of sales PPR is making outside the country by adding more international brands. Puma, whose products are sold in 80 nations, has forecast record revenue and profit in 2007 after sales quadrupled in five years.
PPR is looking to add Puma to its portfolio as designers of luxury clothes collaborate with sporting-goods makers to capitalize on demand for fashionable apparel and shoes. Puma, known for its leaping-cat logo, and larger rival Adidas AG are working with designers Alexander McQueen and Stella McCartney, whose companies are owned by PPR.
Bloomberg News
(China Daily 04/11/2007 page16)
