Anta will pay additional compensation for its stake in Puma in the event a takeover offer is made within 15 months from the “effective transfer date,” which is two days after the deal has been completed, according to a filing with the Hong Kong Stock Exchange.
Anta’s acquisition of the 29.06 percent stake from Groupe Artémis, the investment house of the Pinault family, is expected to close before the end of this year, and Anta intends to seek seats on Puma’s supervisory board. Anta agreed to pay €34 ($41.21) a share, or $1.8 billion.
Hong Kong Stock Exchange filings show that Anta agreed to pay Artemis an additional amount, calculated under a formula, if anyone makes a bid to buy more Puma shares or takes the German firm private within 15 months of the deal closing. The clause enables Artemis to benefit from any near-term upside should a higher price emerge in any buyout of Puma over those 15 months.
Anta said in the original release announcing the deal that it “currently has no plans to make a takeover offer for Puma.”
Artémis holds a 42.3 percent equity stake in Kering, the luxury goods group that includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga and McQueen.
Image courtesy Puma SE
