PPR wants to take over German sportswear company Puma

French retailer PPR has announced their 5.3 billion euro bid for the German sportswear company Puma. PPR wants to add Puma to their existing range of high end brands which includes Gucci and Yves Saint Laurent.

The company has already confirmed their decision to buy a 27 percent stake in Puma from German billionaires Guenter and Daniela Herz.

PPR has also made an offer for the rest of Puma. Puma’s management has welcomed this acquisition bid. Puma’s shares are trading at an inflated price in the market with rumors emerging that Nike might put forward their own bid.

Puma has on their part claimed that they have received no bid from Nike. Several market analysts have said that a counter bid is a big possibility.

PPR Chief Executive Francois-Henri Pinault said in a statement on their plans: “The company’s strategy is one of organic growth. We don’t need to make acquisitions to grow but we will be able to take hold of any other opportunities.”

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