Jan 27 (Reuters) - Shares in Puma rose 15% in early Frankfurt trading on Tuesday after China's Anta Sports Products said it would buy a 29.06% stake in the German sportswear maker. Anta will buy the
Puma shares soar 15% as Anta Sports builds stake
Anta Sports Acquires Stake in Puma
Jan 27 (Reuters) - Shares in Puma rose 15% in early Frankfurt trading on Tuesday after China's Anta Sports Products said it would buy a 29.06% stake in the German sportswear maker.
Details of the Acquisition
Anta will buy the stake from the Pinault family for 1.5 billion euros ($1.8 billion), making it Puma's biggest shareholder.
Market Reaction and Analyst Insights
"The deal is odd in that Puma was apparently not involved, even though a competitor will become its largest shareholder," analysts from Morningstar said in a note to investors.
Hong Kong-listed Anta Sports will pay 35 euros per Puma share in cash, marking a 62% premium to the German group's closing price of 21.63 euros on Monday.
($1 = 0.8421 euros)
(Reporting by Paolo Laudani in Gdansk, editing by Milla Nissi-Prussak)
