Kering to Sell Part of Its Puma Stake
05 Ottobre 2020 - 7:24PM
Dow Jones News
By Mauro Orru
Kering said Monday that it would sell part of its stake in
German sporting-goods company Puma SE through an accelerated
bookbuilding process.
The French luxury-goods conglomerate said it would sell shares
representing around 5.9% of Puma's share capital.
The stake is worth around EUR687 million, based on Puma share
price at closing on Monday.
Kering is expected to retain about 9.8% of Puma's outstanding
shares after the placement.
Proceeds will be used for general corporate purposes and to
further strengthen Kering's financial structure, the company
said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
October 05, 2020 13:09 ET (17:09 GMT)
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