HERZOGENAURACH, Germany, April 10 (UPI) -- Gucci and Yves Saint Laurent owner PPR SA said Tuesday it planned a friendly takeover of German sporting-goods maker Puma AG for $7.1 billion.
PPR, known as Pinault-Printemps-Redoute until 2005, said it intended to buy Puma for about $443 a share in two stages -- first 27.1 percent for $1.9 billion from asset-management company Mayfair Beteiligungsfondsgesellschaft GmbH immediately, then the balance in July.
Puma of Herzogenaurach, Germany, said the offer gave the maker of high-end athletic shoes and other sportswear the support of "a financially strong and leading international company."
Puma is the world's No. 3 sporting-goods company, after Nike Inc. of Beaverton, Ore., and Adidas AG, also of Herzogenaurach.
"We guarantee Puma's continuity as an autonomous company within the PPR Group," PPR Chief Executive Officer Francois-Henri Pinault said in a statement. "There will be no changes with regard to staffing."
Puma earned a net profit of $354 million on sales of $3.2 billion in 2006. The company was on the verge of filing for bankruptcy in the 1990s.