Anta takes Aim At Global Big Leagues With Puma Bid

Benzinga_recent_news01-15

China's leading sportswear brand has reportedly offered to buy 29% of the German brand, which, if successful, could give a big boost to its global aspirations The sportswear maker has offered to buy ...

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The sportswear maker has offered to buy the 29% of Puma held by Artemis, an investment vehicle of France's Pinault family and the German brand's top shareholder,Reuters reportedlast Friday, citing unnamed sources. Anta has already secured financing for the deal, the report added.Anta's interest in Puma, which was first reported as early as last November, isn't so surprising. For starters, the company has a well-documented history of expanding its portfolio of brands through acquisitions and partnerships under a \"multi-brand, multi-category\" strategy. That means it's no stranger to dealmaking.Puma is truly international, with operations in more than 120 countries and some 22,000 employees worldwide. For Anta, which is also looking to carve out a global presence on its own, with a plan to open 1,000 stores in Southeast Asia in the","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4566":"资本集团","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","BK4588":"碎股","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","BK4202":"服装、服饰与奢侈品","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","BK4146":"鞋类","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","BK4561":"索罗斯持仓","AS":"亚玛芬体育","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","BK4581":"高盛持仓","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","BK4585":"ETF&股票定投概念","BK4558":"双十一","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD"},"translate_title":"安踏竞购彪马瞄准全球大联赛","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AS":1},"content_text":"China's leading sportswear brand has reportedly offered to buy 29% of the German brand, which, if successful, could give a big boost to its global aspirations\nThe sportswear maker has offered to buy the 29% of Puma held by Artemis, an investment vehicle of France's Pinault family and the German brand's top shareholder, Reuters reported last Friday, citing unnamed sources. Anta has already secured financing for the deal, the report added.\nAnta's interest in Puma, which was first reported as early as last November, isn't so surprising. For starters, the company has a well-documented history of expanding its portfolio of brands through acquisitions and partnerships under a \"multi-brand, multi-category\" strategy. That means it's no stranger to dealmaking.\nIts latest acquisition saw it buy another German company, outdoor brand Jack Wolfskin for $290 million last year. And in 2019, the company also led a group that purchased Amer Sports (NYSE:AS), whose brands include Wilson and Arc'teryx, in a deal that valued the Finnish company at 4.6 billion euros ($5.36 billion). Before those, some of Anta's biggest deals involved bringing overseas brands to China under licensing deals.\nBecoming Puma's largest shareholder would turbocharge Anta's global aspirations by giving it access to another major brand with a worldwide presence, making it the clear leader in the going-global race among Chinese sportswear brands. On Monday, Japanese brokerage Nomura reiterated its \"buy\" rating on Anta, giving a vote of confidence for a potential Puma deal.\nAll that said, though, any excitement around an Anta-Puma deal may be premature as there are a range of hurdles. Valuations are typically a major point of contention, and any deal could face regulatory scrutiny even if the two sides reach an agreement. Reuters noted that there hasn't been progress since Anta made its offer a few weeks ago.\nAnta earns the bulk of its revenue in China, driven by its namesake brand and the South Korean-owned Fila. The two accounted for 81% of Anta's total revenue of 38.5 billion yuan ($5.5 billion) in the first half of last year, even after sales of all of the company's other brands surged more than 60% year-on-year. Anta acquired Fila's operations in China, Hong Kong and Macao in 2009.\nAnta's results don't include Amer, though the Finnish company's impact on Anta is \"still huge when off-balance sheet items are considered,\" China Galaxy International wrote in a 2018 report after that deal was first disclosed.  \nThe Puma stake would advance Anta's global aspirations by providing significant further exposure to a global market that would insulate it from domestic economic cycles, including China's current downturn characterized by growing consumer caution.\nPuma is truly international, with operations in more than 120 countries and some 22,000 employees worldwide. For Anta, which is also looking to carve out a global presence on its own, with a plan to open 1,000 stores in Southeast Asia in the next three years, acquiring control of Puma is not merely about planting its flag globally. The company could also gain instant institutional knowledge for running an international business and established retailer relationships that otherwise would take decades to build organically.\nPuma, facing intense competition from global powerhouses like Nike (NYSE:NKE) and Adidas (OTC:ADDYY) (OTC:ADDDF), as well as from emerging brands like On Running and Hola and Chinese players like Anta, has been struggling financially, with its revenue growth stalling and profit sinking. Last year, Puma initiated a \"strategic reset\" that included layoffs under new CEO Arthur Hoeld, who took over last July after hailing from Adidas.\nFor Anta or any other Puma suitors, the German brand's current difficulties could present an opportunity to acquire it at a bargain price. Puma's shares have lost more than 40% of their value in the past five years to give the company a price-to-sales (P/S) ratio of just 0.4 times.\nBut then, Artemis probably will try to squeeze as much as possible from a buyer. According to the Reuters report, Artemis expects any offer for its stake to exceed 40 euros per share, which would represent a major premium of more than 70% over the German company's current stock price. At that valuation, 29% of Puma would cost more than 1.6 billion euros, and it's not clear if Anta is willing to pay such a big premium.\nFinancial factors aside, Artemis may be reluctant to cede control over a homegrown brand with a long history like Puma to a Chinese company. Even if Artemis ultimately strikes a deal with Anta, it may not go down well with European regulators due to geopolitical frictions. Or Artemis may simply want to wait and see if Hoeld can turn around Puma.\nYet Anta's value proposition can go beyond its monetary offer. For one, Anta, equipped with deep knowledge of China and abundant resources in the market, can help Puma regain ground in the country, where it has been facing falling sales. Anta has a proven track record of executing such a strategy with Fila, which it transformed from a struggling also-ran into a premium lifestyle powerhouse in China. Investors seem to be focusing on the positives, with Puma shares jumping immediately after the Reuters report came out.\nAnta's stock, on the other hand, sank, but that's a typical response to a major acquisition plan, reflecting investor concerns about the financial burden and, in this case, the big premium that Artemis is reportedly seeking. Anta shares trade at a price-to-earnings (P/E) ratio of about 14, slightly lower than 16 for top rival Li Ning (2331.HK), which has also reportedly considered a bid for Puma, according to reports in November. But those are well above the 9 for both Xtep International (1368.HK) and 361 Degrees (1361.HK), two smaller domestic rivals.\nIn the game of sportswear, organic growth can be a marathon, so Anta's acquisition-driven expansion makes sense and has worked fairly well so far. An acquisition of the controlling Puma stake could add significantly to Anta's global footprint, helping it bridge the gap between its domestic dominance and global aspirations in a single, bold leap. But that doesn't mean that it will be an easy leap.\nTo subscribe to Bamboo Works weekly free newsletter, click here\nBenzinga Disclaimer: This article is from an unpaid external contributor. 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