Kering announced plans to sell a 5.9 percent stake in Puma via a placement to investors. Kering said it would sell about 8.9 million shares. Based on a Puma closing price of €93.6, Kering would raise €833 million. Following the sale, Kering is expected to retain approximately 4.0 percent of Puma’s outstanding shares.
As a result of the placement, Puma’s free float is expected to increase to about 66.7 percent.
Last October, Kering sold a 5.9 percent stake in Puma for approximately 656 million euros ($800 million).
Since 2018, Kering has gradually reduced its stake in Puma after spinning off 70 percent of the company to its shareholders as part of a plan to refocus on its luxury division. That move left the Pinault family’s private investment arm Artémis with a 29 percent stake and Kering with around 16 percent. Kering’s brands include Gucci, Yves Saint Laurent, Alexander McQueen, Bottega Veneta, and Balenciaga.
Photo courtesy Puma
