PPR SA, the French owner of the Gucci luxury brand, said a $7.3 billion (U.S.) bid for German sporting goods maker Puma AG succeeded after almost two-thirds of investors accepted its offer.
PPR now owns a 62.1 per cent stake in Puma, a statement yesterday by the Paris-based company said. The purchase is the first major acquisition by chair Francois-Henri Pinault since he took over from his father two years ago. Puma investors had five weeks until July 11 to tender their shares.
The luxury goods maker agreed in April to purchase a 27 per cent stake in Puma and bid for the rest of the shares to gain a global brand that straddles sports and fashion. Puma, Europe’s second-biggest sporting goods maker, has raised sales fivefold in six years as nostalgia for the 1970s spurred purchases of shoes and clothes evoking the period.