Puma shares surge 10% after media report traders are making ready for takeover

Shares in Puma jumped 10% on Wednesday, with merchants pointing to a media report that two events had been making ready for a possible takeover of the German sportswear maker.

Germany’s Supervisor Magazin reported that two traders had been able to take the 29% stake held by the French billionaire Pinault household, paving the way in which for a possible takeover.

In line with the journal, Genuine Manufacturers CEO Jamie Salter and CVC’s German head Alex Dibelius had been the events.

Puma and CVC declined to touch upon the report.

Neither Genuine Manufacturers nor a spokesperson for Artemis, the Pinault household’s holding that controls Gucci-owner Kering, responded to Reuters’ requests for remark.

A supply near Artemis instructed Reuters final week that it might not promote its stake in Puma on the present market worth and was not engaged in talks over a deal. In August, Bloomberg reported that Artemis was sounding out potential consumers for its roughly $960 million Puma stake. The inventory was the largest gainer on Europe’s STOXX 600 index on Wednesday, though the shares have halved in worth this 12 months.