Overview

• Puma fell nearly 3% Thursday after closing up about 17% Wednesday on a Manager Magazin report that Authentic Brands Group and CVC expressed interest in the Pinault family’s 29% holding.
• Authentic Brands declined to comment, while earlier this week Puma declined comment and Adidas reiterated it does not comment on market speculation.
• Bloomberg previously reported that Artémis, the Pinault family holding company, is working with advisers on a potential sale of its Puma stake.
• Deutsche Bank noted Authentic Brands’ portfolio, including Reebok and Champion, and cited past dealings with Puma (the 2015 Tretorn sale) in assessing its credibility as a bidder.
• Puma is under pressure after weak preliminary Q2 results, a deep cut to 2025 guidance to a loss, and a leadership change to CEO Arthur Hoeld, with a strategic update due with Q3 results at the end of October.