Puma shares surged on Wednesday after speculation of a potential takeover, according to a report by Manager Magazin, cited by Reuters.
The sportswear company’s stock has risen more than 13% following the report, making it the top performer on Europe’s STOXX 600 index. This year, Puma’s shares have declined by around 50%.
Traders attributed the sharp move to a report from German business magazine Manager Magazin, which said two investors were preparing to acquire the 29% stake in Puma currently held by the Pinault family of France. Such a deal could open the door to a full takeover.
The Pinaults hold their stake in Puma through Artemis, which also controls the luxury group Kering, the owner of Gucci.
A report from Bloomberg in August said Artemis was sounding out potential buyers regarding its stake in Puma.
Source :
https://www.investing.com/news/stock-market-news/puma-rallies-after-report-investors-eye-pinault-family-stake-4242759
