PUMA welcomes planned Change in Ownership Structure

Herzogenaurach, January 11, 2018

Kering’s proposal to reduce its stake would enhance PUMA’s share free float, support business strategy and increase attractiveness of shares

 

PUMA SE welcomes the planned proposal of its majority shareholder Kering SA to distribute part of its PUMA shares to Kering’s shareholders (dividend in kind) and thus reducing its stake in the sports company. This would lead to a greater free float of PUMA stocks, providing investors an enhanced possibility to invest in PUMA, and allowing the company to reaffirm its business strategy.

 

“We are very pleased that Kering has proposed this way to reduce its stake in PUMA. It would allow us to continue with our current business strategy that has started to show good results,” said Bjørn Gulden, CEO of PUMA. “We would be able to carry on to invest in becoming the Fastest Sports Brand in the world, create value for retailers, improve performance for athletes and excite consumers.”

 

French luxury group Kering, owner of approximately 86% of PUMA’s total share capital, announced earlier today that it will propose to its Annual General Meeting to distribute approximately 70% of the total share capital of PUMA to Kering’s shareholders, thus reducing its shareholding in PUMA to approximately 16%. As a consequence, Kering’s largest shareholder Artémis SA* would receive approximately 29% of PUMA’s share capital and would become a direct and long-term shareholder. The transaction enables Kering to focus on its core luxury business in high-end fashion, leather goods as well as jewelry and watches.

 

The transaction would increase PUMA’s free float from currently 14% to approximately 55%. “PUMA would become much more attractive for investors as our shares would have a substantially higher free float and larger trading volumes. Kering and Artémis, however, would remain strong partners and shareholders, which proves that they believe in our strategy and PUMA’s future success,” said Bjørn Gulden.

 

The transaction is subject to approval by the Annual General Meeting of Kering SA to be held on 26 April 2018.

 

*Artémis is the holding company of the Pinault family and the controlling shareholder of Kering.