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 investment company Artemis, it said Tuesday. Artemis 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 03:54 ET (07:54 GMT)

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