Leading sportswear maker Anta Sports Products Ltd. (2020.HK) said on Tuesday it acquired 43 million shares of German rival Puma (PUM.DE), equal to 29% of the company, from Artémis for 35 euros per share, in a deal worth 1.5 billion euros ($1.8 billion).
Anta said the purchase will help it bolster its global sportswear positioning, enhance its brand recognition and strengthen its international competitiveness.
Puma, currently listed on the Frankfurt Stock Exchange, develops and sells sports and active-lifestyle products including footwear, apparel, and accessories. The company reported 4.02 billion euros in revenue for its fiscal year through last June, but posted a 247 million euro loss for the period.
Shares of Anta opened down 1.5% at HK$77.5 on Tuesday. The stock is down 26% from its 52-week high.
By Lau Chi Hang
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