The Board of Kering SA announced the spin-off of 70.4% stake in PUMA SE (DB:PUM) for 3.7 billion.
January 10, 2018
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The Board of Kering SA (ENXTPA:KER) announced the spin-off of 70.4% stake in PUMA SE (DB:PUM) for 3.7 billion on January 11, 2018. Pursuant to the transaction, the shares of PUMA SE will be distributed to the shareholders of Kering SA (dividend in kind), final terms of which are under review. Post transaction, Kering SA would retain 15.85% of PUMA shares outstanding while Artemis S.A., which holds 40.9% of Kering SA's shares, would receive approximately 29% of PUMA's share capital. The transaction is subject to approval by the annual general meeting of shareholders of Kering SA to be held on April 26, 2018.
As on February 13, 2018, it was reported that 1 PUMA share will be offered for 12 Kering shares held. The same will be proposed to the shareholders of Kering at the general meeting to be held on April 26, 2018. The distribution in kind will be paid on May 16, 2018 with an ex-date on May 14, 2018. The shareholders of Kering entitled to receive the distribution in kind will be those whose shares have been recorded in the accounts in their name at the end of the trading day preceding the date of payment, i.e., May 15, 2018. On April 26, 2018, Kering's shareholders approved the spin-off.
d'Angelin & Co. Ltd. and Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisors to Kering. J.P. Morgan, Berenberg, BNP Paribas and Goldman Sachs International are acting as joint distribution managers in the context of the proposed distribution in kind. Jean-Michel Darrois, Bertrand Cardi, Ben Burman, Christophe Vinsonneau, Leila Dhouib, Paul Bertrand, Vincent Agulhon, Loic Védie and Zoé Attali and Didier Théophile of Darrois Villey Maillot Brochier, Alexander Ritvay, Michael Brellochs, Laurenz Wieneke, Carsten Heinz, Hans-Christoph Schimmelpfennig, Julian Schulze De la Cruz, Susanne Rummel, Fabian Badtke of Noerr, Karine Audouze, Marie Millet-Tauney of Ogletree Deakins and Wachtell Lipton acted as legal advisors for Kering. Heiner Braun, Simon Schwarz, Jörg-Peter Kraack, Kai Jungbluth, Nikolaus Bunting, Thomas Müller-Bonanni, Christian Mehrens, Élodie Favre-Thellmann, Philipp Knoll, Martin Schiessl and Alina Paschke of Freshfields Bruckhaus Deringer acted as legal advisors for Puma. Raliza Koleva, Jochen Lederhilger, Markus Berner acted as in house legal advisors for PUMA. J.P. Morgan acted as exclusive financial advisor to PUMA.
PUMA SE is a Germany-based company engaged in designing, developing, selling and marketing sports footwear, apparel and accessories. The Company's segments include Europe, the Middle East and Africa (EMEA), the Americas (North and Latin America) and Asia/Pacific. The Company offers performance, as well as sport style products across six business units: Teamsport, Running and Training, Basketball, Golf, Motorsport, Sportstyle, Accessories and Licensing. The Company is engaged in the sale of products from the PUMA and COBRA Golf brands through the wholesale and retail trade, as well as from sales directly to consumers in its retail stores and online stores. The Company markets and distributes its products across the world primarily through its subsidiaries in approximately 120 countries. For various product segments, such as fragrances, eyewear and watches, the Company issues licenses authorizing independent partners to design, develop and sell these products.