On October 7, ANTA SPORTS announced it had completed the acquisition of a 29.06% stake in German sportswear brand Puma for a consideration of 1.5055 billion euros (approximately 12.3 billion yuan), replacing French billionaire Pinault family's investment vehicle Artémis as Puma's largest shareholder.
The deal took more than eight months from announcement to completion. The two sides signed a share purchase agreement as early as January 27 of this year, and the transaction was finalized after multiple regulatory approvals including review by the State Administration for Market Regulation and approval by Anta shareholders. Anta's offer price of 35 euros per share represented a premium of approximately 62% over Puma's closing price of 21.63 euros on the last trading day before the announcement (January 26).
However, the high premium did not translate into parallel support for Puma's share price. On the closing date of October 7, Puma closed at 23 euros on the German stock market. Based on that price, the market value of Anta's stake stood at approximately 989 million euros, about 516 million euros lower than the actual consideration of 1.5055 billion euros paid, implying a static paper loss of roughly 34%.
This shortfall reflects the market value gap calculated based on the share price on the closing date, and does not represent an investment loss already recognized by Anta. According to the arrangements in Anta's 2026 semi-annual report, after the transaction is completed, Puma will be accounted for as an associate company using the equity method, and share price fluctuations will not be directly recognized in current profit or loss based on market value changes. On October 8, Puma's share price fell on the German stock market. (Source: Wind Information)
In addition to the downward volatility in its share price, the Puma that Anta has taken over is in a declining performance trajectory. Puma's 2025 annual report showed full-year revenue of 7.296 billion euros, down 13.1% year-on-year on a reported basis; net loss attributable to parent company shareholders was 646 million euros, compared with a profit of 282 million euros in the same period of the previous year. In the first half of 2026, the downturn had not abated, with revenue of 3.554 billion euros, down 7.9% year-on-year. In July of this year, the company issued earnings guidance, expecting a full-year operating loss of between 50 million and 150 million euros.
Comments