France’s Kering sells 5.9% stake in Puma By Reuters

© Reuters. FILE PHOTO: The emblem of German sports activities items agency Puma is seen on the entrance of one among its shops in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo

PARIS (Reuters) – French luxurious items group Kering (PA:) mentioned on Wednesday it could promote a 5.9% stake in German sportswear firm Puma through a placement to buyers.

Kering mentioned that following the sale, it anticipated to retain roughly 4.0% of Puma’s excellent shares.

As a results of the position, Puma’s free float is anticipated to extend to about 66.7%.

Kering mentioned proceeds from the transaction can be used for basic company functions and would additional strengthen its funds.

Kering will announce the outcomes of the position after the shut of the bookbuilding course of.

Last 12 months, Kering offered a 5.9% stake in Puma for roughly 656 million euros ($800 million).

($1 = 0.8196 euros)

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