PPR SA (Paris) has finalized its attempt to become the majority stockholder of PUMA AG (Herzogenaurach, Germany). The French fashion conglomerate (formerly Pinault-Printemps-Redoute) has increased its stake in the international sporting goods company to 62.1 percent.
In April, PPR acquired a controlling stake in PUMA and announced the launch of a friendly voluntary public takeover with an offer of more than $7 billion.
“We are very pleased with the final result of our offer to the PUMA shareholders who have sent a strong signal of support for the transaction,” said Francois-Henri Pinault, PPR chairman and ceo and chairman of Puma’s supervisory board. “We are at the starting point of a fruitful collaboration and will now focus on implementing our long term strategic vision.”