Whispers of a takeover propelling Puma forward
In a recent development, the sportswear manufacturer Puma finds itself under the spotlight, with potential buyers showing interest in the 29% stake held by the Pinault family's holding company, Artemis.
The news of possible bidders, including Canadian investor Jamie Salter and his Authentic Brands Group (ABG), and Alexander Dibelius, co-CEO of the holding company CVC, has boosted Puma's shares. On Wednesday, the company's stock surged by nearly 17%, reaching €23.28.
However, Artemis has not expressed any interest in selling its Puma stake at the current market value, as reported last week. The holding company has full confidence in Puma's new CEO, Arthur Hoeld, and is not under any pressure to sell due to the absence of debt maturities in the current or next year.
The interest in Puma's stake comes amidst the company's struggle to maintain market share and generate interest in new sneaker models. Puma's stock has significantly lost value over the past two years.
Kering, the French luxury group, decided to divest from Puma to focus on its core business. Despite initial silence, both Puma and Artemis have since responded to requests for comment, with Puma choosing not to comment on the possibility of being taken private.
It's worth noting that the reports about potential bidders did not cite sources for the information. Similarly, no information was found about who refers to the assumption that Puma could be privatized or who has spoken about a possible takeover of Puma.
Despite the uncertainty, there is strong interest from competitors and financial investors in the Pinault family's Puma stake. The Pinault family acquired the stake from Kering in 2018.
As the situation unfolds, it remains to be seen how this potential change in ownership could impact Puma's future direction and performance.
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