Kering sells part of its Puma stake
After the announcement, the German sportswear company stocks fell more than 3%
Stocks impacted: Kering (KER), Puma (PUM)
French luxury group Kering said it had completed the sale of a 5.9% stake in Puma through an accelerated bookbuilding process for approximately 656 million euros ($772 million), with the transaction corresponding to a selling price of 74.50 euros per share. After the announcement, the German sportswear company stocks fell more than 3% on Tuesday. The sale reduces Kering's stake in Puma to 9.8% from a previous 15.7%. Kering is expected to retain Puma's outstanding shares after the placement. According to the company, proceeds will be used for general corporate purposes and to further strengthen Kering's financial structure. As a reminder, Puma's largest shareholder remains Artemis which has a stake of just under 29%.
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