PPR completes takeover of PUMA

PARIS The PPR group today announced that after the expiry of the additional acceptance period of its voluntary public takeover offer for PUMA it has become the majority shareholder with a 62.1% stake in PUMA.

Francois-Henri Pinault, chairman and ceo of PPR and chairman of the supervisory bof PUMA, stated: "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. We are at the starting point of a fruitful collaboration and will now focus on implementing our long term strategic vision."

On April 10, PPR acquired a controlling stake in PUMA and announced the launch of a friendly voluntary public takeover offer at a price of $392.86 per share. The voluntary public takeover offer to the other PUMA shareholders started on May 14 and the additional acceptance period expired on July 11.