Puma: Kering to distribute in kind 70% of its 86.3% stake in the sports equipment manufacturer

"The board of directors of Kering has unanimously proposed to submit to its shareholders the plan to distribute in kind approximately 70% of the outstanding shares of the equipment manufacturer Puma in circulation, knowing that the group currently holds 86.3 %," announced the global group of luxury and sport & lifestyle brands, on 11/01/2018. The PPR group (Pinault-Printemps-Redoute) changed its name to Kering on 18/06/2013.

"Post transaction, Kering would retain approximately 16% of Puma shares outstanding. Artémis, which holds 40.9% of Kering’s shares, would become a long term strategic shareholder of Puma with an ownership of about 29%. Puma’s free float would be increased to approximately 55%. Final terms of the distribution in kind of Puma shares to Kering shareholders are under review and will be submitted to the vote of Kering shareholders at the Annual General Meeting on 26/04/2018," explained Kering, who had a proposed takeover bid for Puma that valued the German group at around €5.3bn on 10/04/2007.

"Upon completion of the envisaged distribution of Puma shares, Kering…