PARIS (dpa-AFX) - French luxury goods company Kering SA (PPRUY.PK, PPRUF.PK) said that it proposes to distribute PUMA shares to Kering shareholders through a distribution in kind. PUMA welcomes the transaction as it enhances PUMA's free float and strengthens its capital markets positioning, visibility and opportunities.
Kering SA, the major shareholder of PUMA SE with a current shareholding of approx. 86%, informed the Administrative Board of PUMA SE that it has decided to propose to the Annual General Meeting of Kering SA on April 26, 2018 to distribute to the shareholders of Kering SA, by way of a dividend in kind, a portion of Kering's shareholding in PUMA which corresponds to about 70% of the total share capital of PUMA SE.
Kering SA said it will remain a shareholder of PUMA SE with a shareholding of about 16%. Through the distribution in kind, Art?mis SA, the controlling shareholder of Kering SA will receive shares in PUMA SE, representing approximately 29% of the share capital, and will thereby become a direct and, according to its own statement, also a long-term shareholder of PUMA SE. As a result, the future free float of PUMA SE will amount to about 55% after the transaction.
The transaction is subject to approval by the Annual General Meeting of Kering SA to be held on April 26, 2018.
The transaction is expected to improve the liquidity of the PUMA share as a result of a significantly larger free float, which will make it easier for investors to invest in PUMA SE directly.
Copyright RTT News/dpa-AFX