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China's Anta Sports has offered to buy Pinault family's 29% Puma stake, sources say
Anta Sports’ offer to buy the Pinault family’s 29% Puma stake stalled as Artémis seeks bids above €40 per share amid Puma’s ongoing turnaround efforts.
- On Thursday, Reuters reported Anta Sports made an offer to acquire the 29 percent stake owned by Artémis a few weeks ago, but talks have since stalled.
- Sale speculation has circulated since last September as Artémis last year said it wouldn’t sell its stake at current valuations and reportedly expected bids exceeding 40 euros per share.
- Puma CEO Arthur Hoeld cited excess inventory, too many products, and weak brand heat, while Puma last month secured a bridge loan of 500 million euros and credit lines of 108 million euros to refinance a 1.2 billion euro Revolving Credit Facility.
- Artémis declined to comment and neither Puma nor Artémis could be reached on Thursday, while FN’s Dec. 1 request drew a reply that Puma is `not commenting on this matter`; what happens next is unclear.
- Holding on could boost valuations as sale speculation has circulated since last September, with Artémis, founded in 1992, chaired by Pinault who controls the stake.
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13 Articles
13 Articles
Coverage Details
Total News Sources13
Leaning Left0Leaning Right2Center5Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
C 71%
R 29%
Factuality
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