FOCUS-From 'perfect fit' to farewell: How a price guarantee helped seal Pinault’s Puma exit

Anta’s top-up commitment helped seal Pinault’s Puma sale, sources say Artemis sought to reduce debt amid investor scrutiny Anta aims to boost Puma’s sales in China and global reach By Mathieu Rosemain PARIS, Feb 3 (Reuters) - François-Henri Pinault may not have got as much as he wanted when he sold his family’s controlling stake in Puma (PUMG.DE) to China’s Anta (2020.HK) for $1.8 billion last week. But, according to two sources close to the matter, the deal came with a deal-sealing sweetener: an “anti-embarrassment” clause. While Anta’s offer of 35 euros ($41.32) per share in cash for the 29% stake initially received a cool reception from Pinault’s family business, Artemis, one of the sources said, the Hong Kong-listed company then committed to paying more if a higher offer emerged. Hong Kong Stock Exchange filings show that Anta agreed to pay Artemis an additional amount, calculated under a formula, if anyone makes a bid to buy more Puma shares or takes the iconic German firm private within 15 months of the deal closing. That meant Artemis would not need to hold out for a higher price and will still share any near-term upside if a higher offer emerges later, the sources, who declined to be identified because the matter remains private, told Reuters. And the clause ultimately helped Anta clinch the deal for one of the world’s largest sportswear manufacturers, ending what Pinault had once declared a “perfect fit” between Puma and his PPR company, which later became Kering (PRTP.PA) . Artemis and Anta declined Reuters’ requests for comment. FOLLOWING A COLD INITIAL RECEPTION, PRICE CLAUSE NARROWS GAP Talks kicked off last autumn between advisers to the two sides over the stake sale after Anta had made an initial approach. Artemis had drawn increased scrutiny from investors after it accumulated high debt across its portfolio during a push to diversify investments away from luxury. And Pinault was working to raise cash to lower that debt load, the sources said, as some analysts voiced concern it would hinder a difficult turnaround at Gucci, Kering’s flagship brand. Puma had also been under pressure from competitors after recent sneaker launches, including the Speedcat, failed to generate momentum. Puma’s stock spent much of 2025 trading around 22 euros per share - less than half its value of two years prior - according to LSEG data. But selling on the cheap was not an option. Artemis had at one point sought more than 40 euros per share for the stake. Anta’s offer of 35 euros per share was initially viewed as too low, but differences started to narrow after the Chinese company agreed to discuss the price guarantee clause, one of the two sources said. DEAL FINALISED IN PARIS LAST MONTH Ultimately, three strategic considerations drove Artemis’ decision to sell, they said. The first was the company’s preference for controlling assets rather than holding minority positions. It also wanted to reallocate capital toward higher value-creating sectors. And finally, it no longer saw itself as the optimal shareholder for Puma’s next development phase under new CEO Arthur Hoeld. Pinault had previously said the Puma stake was non-strategic. “This disposal is consistent with the ongoing strategy implemented by Artemis to focus on controlled assets and to redeploy its resources towards new value-creating sectors,” the company said in a statement last week. Pinault and Anta Chairman Ding Shizhong, who had previously met after Anta made an initial approach, finalised the deal in Paris in early January, the second person said. Anta said last week that it did not plan to make an offer for the whole of Puma. ($1 = 0.8470 euros) Puma: Rise and Fall