Jan 27 (Reuters) – Shares in Puma rose 15% in early Frankfurt trading on Tuesday after China’s Anta Sports Products said it would buy a 29.06% stake in the German sportswear maker.
Anta will buy the stake from the Pinault family for 1.5 billion euros ($1.8 billion), making it Puma’s biggest shareholder.
“The deal is odd in that Puma was apparently not involved, even though a competitor will become its largest shareholder,” analysts from Morningstar said in a note to investors.
Hong Kong-listed Anta Sports will pay 35 euros per Puma share in cash, marking a 62% premium to the German group’s closing price of 21.63 euros on Monday.
($1 = 0.8421 euros)
(Reporting by Paolo Laudani in Gdansk, editing by Milla Nissi-Prussak)
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