By  on June 20, 2007

PARIS — Luxury and sports reinforced their ties on Tuesday.

François-Henri Pinault, chairman and chief executive officer of PPR, the French conglomerate acquiring Puma AG, was named chairman of the sportswear behemoth's supervisory board. Pinault replaces Johann C. Lindenberg, whose term expired last week.

PPR said last week that it received approval from antitrust authorities for its 5.3 billion euro, or $7.05 billion at current exchange, takeover of Puma.

"The new structure of the supervisory board fully reflects the role we wish to play in partnership with Puma," Pinault said in a statement Tuesday. "I should add that the offer acceptance period expires tomorrow [Wednesday]. This offer represents a unique opportunity for Puma shareholders to extract full value from their shares."

PPR, which bought 27.1 percent of Puma from a German private equity firm in April, offered 330 euros, or $443.19, a share.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus