Correct: Puma Shares Slip After Kering Sells Part of Its Stake
06 Ottobre 2020 - 1:04PM
Dow Jones News
Kering sold the 5.9% stake in the German sporting-goods company
to investors following a bookbuilding process, the company said.
"Puma Shares Slip After Kering Sells Part of Its Stake," at 0739
GMT, incorrectly said Kering sold the stake to Artemis. The correct
version follows:
By Joshua Kirby
Shares in Puma SE fell in early trade Tuesday after French
luxury-goods conglomerate Kering sold a 5.9% stake in the company
for roughly 655.6 million euros ($772.7 million).
The French company retains a 9.8% stake in Puma following the
sale, which took place via an accelerated bookbuilding process.
At 0728 GMT shares in Puma traded 3.1% lower at EUR75.68, after
falling 3.7% shortly after the open.
Kering sold the stake in the German sporting-goods company to
investors following the bookbuilding, it said Tuesday.
Kering said it made an agreement with Puma shareholder Artemis
regarding Puma shares related to the transaction. Artemis also
holds a stake of just over 40% in Kering.
"Kering and Artemis have entered into a lock-up agreement
relating to Puma's shares, which is expected to end after a period
of 90 calendar days from the settlement date of the shares," Kering
said.
Write to Joshua Kirby at joshua.kirby@dowjones.com
(END) Dow Jones Newswires
October 06, 2020 06:49 ET (10:49 GMT)
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