Puma shareholder takes the money and runs
Puma’s biggest shareholder has sold its entire 39% stake in the German sportswear brand, leaving the company without a majority shareholder for the first time in its 55 year history.
US film production company Regency successfully placed its 6.7 million shares at Eur86 each yielding a return of Eur576 million as a broad base of investors clamoured to buy the stock.
In announcing the development, Puma reiterated its financial guidance for the year of sales growth above 30% and an increase in pre tax profit by around 50%, leading to a pre tax margin of more than 15%.
Both companies were keen to stress the amicable nature of the parting, which is widely seen as Regency cashing in on Puma’s success. However, Regency will continue to have an involvement with Puma through a recently signed co-operation agreement between the two organizations. A similar deal was recently signed with Fox Entertainment.
