Chinese sports apparel company Anta Sports Products is among firms exploring a potential takeover of Puma, according to people familiar with the matter.
Hong Kong-listed Anta has been working with an adviser to evaluate a bid for Puma, said the people who asked not to be identified because the information was private. The company might team up with a private equity firm if it decided to move forward with an offer, some of the people said.
Other potential bidders could include rival Chinese apparel firm Li Ning, the people said. Li Ning, named after the legendary gymnast who founded the company, has been discussing financing options with banks as it takes an early look at Puma, the people said. Puma may also attract interest from sportswear companies such as Japan’s Asics, the people said.
Deliberations were preliminary and it was unclear which suitors would proceed with bids, the people said. The valuation expectations of Puma’s biggest shareholder, France’s billionaire Pinault family, may represent a major hurdle to any transaction, the people said. Puma shares have dropped 62 per cent in Frankfurt this year, giving the company a market value of €2.5 billion (US$2.9 billion).
The Pinault family’s Artemis holding company owned 29 per cent of Puma at the end of last year, according to the firm’s annual report.
