Puma shares soar after takeover bid rumors

A person close to Artemis, the French family’s holding company, said that there was no active sale process for its stake in Puma despite interest from some parties. That the German media reports were «objectively false.»

Manager Magazin reported Wednesday that two investors are preparing a takeover bid for the German sportswear manufacturer Puma. Sending its share price up more than 11%.

Jamie Salter, CEO of authentic brands, and Alex Dibelius. German director of the private equity firm CVC, have expressed interest in the Pinault family’s 29% stake. Opening the door for a possible bidding war, the German magazine said.

Although its shares had lost value halfway through the year, Puma was the largest gainer on the European STOXX 600 index. Authentic Brands did not reply to calls for comment, and neither Puma nor CVC commented on the report.

Reuters reported last week that Artemis will not sell its stake in Puma at its current market value and is not in deal talks. Bloomberg reported in August that Artemis was exploring potential buyers for its stake in Puma, valued at approximately $960 million. The Pinault family acquired the stake in Puma from Kering in 2018 after the luxury goods group sold the shares to focus on its core business.