Thursday, May 17, 2007

French retailer firm on price to purchase Puma

French retailer PPR will not raise its €330 a share offer for German sportswear group Puma, PPR Chairman Francois-Henri Pinault reaffirmed. "It is firm and definitive," Pinault told PPR's annual shareholder meeting, as quoted by Soccer Investor. PPR bought a 27 percent stake in Puma last month and on Monday launched its offer to buy out other Puma shareholders. The offer runs to 20 June and is expected to be accepted.

Puma registered growth of nine per cent in the first term of 2007. The German firm generated income of €675 million, meaning a 3.7 per cent increase in profits. "We’re very happy with our start to the year,” said Puma president Jochen Zeitz. “Despite tough market competition we hope to have an increase in orders on account of the major sporting events to be carried out in 2008. We’re planning to take long-term action.”

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