<p>安踏的增资承诺帮助促成了皮诺的彪马出售，消息人士称</p>
<p>阿尔忒弥斯在投资者审查中寻求减少债务</p>
<p>安踏旨在提升彪马在中国的销售和全球影响力</p>
<p>作者：马修·罗斯曼</p>
<p>巴黎，2 月 3 日（路透社）——弗朗索瓦 - 亨利·皮诺在上周以 18 亿美元将其家族对彪马（PUMG.DE）的控股权出售给中国安踏（2020.HK）时，可能没有得到他想要的那么多。但根据两位知情人士的说法，这笔交易附带了一项交易达成的甜头：一项 “反尴尬” 条款。</p>
<p>尽管安踏以每股 35 欧元（41.32 美元）现金收购 29% 股份的提议最初在皮诺的家族企业阿尔忒弥斯中反响冷淡，但其中一位消息人士表示，随后这家在香港上市的公司承诺如果出现更高的报价，将支付更多。</p>
<p>香港证券交易所的文件显示，安踏同意在交易完成后的 15 个月内，如果有人提出收购更多彪马股份或将这家标志性的德国公司私有化，则根据公式计算向阿尔忒弥斯支付额外金额。</p>
<p>这意味着阿尔忒弥斯不需要坚持更高的价格，并且如果后续出现更高的报价，仍然可以分享任何短期的收益，这些消息人士因事务仍然保密而拒绝透露姓名，告诉路透社。</p>
<p>而这项条款最终帮助安踏成功达成了对全球最大的运动服制造商之一的收购，结束了皮诺曾宣称的彪马与其 PPR 公司（后来成为开云集团（PRTP.PA））之间的 “完美契合”。</p>
<p>阿尔忒弥斯和安踏均拒绝了路透社的评论请求。</p>
<h3>在初步反应冷淡后，价格条款缩小了差距</h3>
<p>在安踏首次接洽后，去年秋季双方顾问就股份出售展开了谈判。</p>
<p>阿尔忒弥斯在努力将投资组合多元化以减少对奢侈品的依赖时，因积累了高额债务而受到投资者的高度关注。消息人士称，皮诺正在努力筹集资金以降低债务负担，因为一些分析师担心这会妨碍开云旗下旗舰品牌古驰的艰难转型。</p>
<p>彪马在最近的运动鞋发布后也面临来自竞争对手的压力，包括 Speedcat 的推出未能产生动能。</p>
<p>根据 LSEG 的数据，彪马的股票在 2025 年大部分时间交易在每股 22 欧元左右——不到两年前价值的一半。</p>
<p>但以低价出售并不是一个选项。阿尔忒弥斯曾在某个时候寻求每股超过 40 欧元的价格。</p>
<p>安踏每股 35 欧元的报价最初被视为过低，但在中国公司同意讨论价格保证条款后，差距开始缩小，其中一位消息人士表示。</p>
<h3>上个月在巴黎完成交易</h3>
<p>最终，三项战略考虑驱动了阿尔忒弥斯的出售决定，他们表示。第一是公司更倾向于控制资产而不是持有少数股权。它还希望将资本重新分配到更高价值创造的领域。最后，它不再认为自己是彪马在新任首席执行官阿瑟·霍尔德领导下下一个发展阶段的最佳股东。</p>
<p>皮诺此前曾表示，彪马的股份并非战略性。</p>
<p>“此次处置与阿尔忒弥斯实施的持续战略一致，旨在专注于受控资产，并将资源重新部署到新的价值创造领域，” 该公司上周在一份声明中表示。</p>
<p>皮诺和安踏董事长丁世忠在安踏首次接洽后曾会面，并在 1 月初在巴黎敲定了交易，第二位消息人士表示。</p>
<p>安踏上周表示，不打算对彪马进行全面收购。（1 美元 = 0.8470 欧元）</p>
<p>彪马：兴衰</p>
<p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4bWnz8t?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="1008" original-src="https://imageproxy.pbkrs.com/https://reut.rs/4bWnz8t"/></p>

安踏体育

<p>弗朗索瓦 - 亨利·皮诺（François-Henri Pinault）将其家族在彪马（Puma）持有的 29% 股份以 18 亿美元的价格出售给中国的安踏（Anta），交易中包含一项 “反尴尬” 条款，确保如果在 15 个月内出现更高的出价，将获得额外付款。最初，安踏每股 35 欧元的报价遭到质疑，但该条款帮助在阿尔忒弥斯（Artemis）需要减少债务和重新聚焦投资的情况下最终达成交易。这笔交易反映了阿尔忒弥斯优先考虑可控资产和重新配置资源的战略，因为彪马面临竞争压力和股价下跌</p>

<p>Anta’s top-up commitment helped seal Pinault’s Puma sale, sources say</p>
<div class="lb-trans"><p>安踏的增资承诺帮助促成了皮诺的彪马出售，消息人士称</p>
</div><p>Artemis sought to reduce debt amid investor scrutiny</p>
<div class="lb-trans"><p>阿尔忒弥斯在投资者审查中寻求减少债务</p>
</div><p>Anta aims to boost Puma’s sales in China and global reach</p>
<div class="lb-trans"><p>安踏旨在提升彪马在中国的销售和全球影响力</p>
</div><p>By Mathieu Rosemain</p>
<div class="lb-trans"><p>作者：马修·罗斯曼</p>
</div><p>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.</p>
<div class="lb-trans"><p>巴黎，2 月 3 日（路透社）——弗朗索瓦 - 亨利·皮诺在上周以 18 亿美元将其家族对彪马（PUMG.DE）的控股权出售给中国安踏（2020.HK）时，可能没有得到他想要的那么多。但根据两位知情人士的说法，这笔交易附带了一项交易达成的甜头：一项 “反尴尬” 条款。</p>
</div><p>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.</p>
<div class="lb-trans"><p>尽管安踏以每股 35 欧元（41.32 美元）现金收购 29% 股份的提议最初在皮诺的家族企业阿尔忒弥斯中反响冷淡，但其中一位消息人士表示，随后这家在香港上市的公司承诺如果出现更高的报价，将支付更多。</p>
</div><p>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.</p>
<div class="lb-trans"><p>香港证券交易所的文件显示，安踏同意在交易完成后的 15 个月内，如果有人提出收购更多彪马股份或将这家标志性的德国公司私有化，则根据公式计算向阿尔忒弥斯支付额外金额。</p>
</div><p>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.</p>
<div class="lb-trans"><p>这意味着阿尔忒弥斯不需要坚持更高的价格，并且如果后续出现更高的报价，仍然可以分享任何短期的收益，这些消息人士因事务仍然保密而拒绝透露姓名，告诉路透社。</p>
</div><p>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) .</p>
<div class="lb-trans"><p>而这项条款最终帮助安踏成功达成了对全球最大的运动服制造商之一的收购，结束了皮诺曾宣称的彪马与其 PPR 公司（后来成为开云集团（PRTP.PA））之间的 “完美契合”。</p>
</div><p>Artemis and Anta declined Reuters’ requests for comment.</p>
<div class="lb-trans"><p>阿尔忒弥斯和安踏均拒绝了路透社的评论请求。</p>
</div><h3>FOLLOWING A COLD INITIAL RECEPTION, PRICE CLAUSE NARROWS GAP</h3>
<div class="lb-trans"><h3>在初步反应冷淡后，价格条款缩小了差距</h3>
</div><p>Talks kicked off last autumn between advisers to the two sides over the stake sale after Anta had made an initial approach.</p>
<div class="lb-trans"><p>在安踏首次接洽后，去年秋季双方顾问就股份出售展开了谈判。</p>
</div><p>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.</p>
<div class="lb-trans"><p>阿尔忒弥斯在努力将投资组合多元化以减少对奢侈品的依赖时，因积累了高额债务而受到投资者的高度关注。消息人士称，皮诺正在努力筹集资金以降低债务负担，因为一些分析师担心这会妨碍开云旗下旗舰品牌古驰的艰难转型。</p>
</div><p>Puma had also been under pressure from competitors after recent sneaker launches, including ⁠the Speedcat, failed to generate momentum.</p>
<div class="lb-trans"><p>彪马在最近的运动鞋发布后也面临来自竞争对手的压力，包括 Speedcat 的推出未能产生动能。</p>
</div><p>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.</p>
<div class="lb-trans"><p>根据 LSEG 的数据，彪马的股票在 2025 年大部分时间交易在每股 22 欧元左右——不到两年前价值的一半。</p>
</div><p>But selling on the cheap was not an option. Artemis had at one point sought more than 40 euros per share for the stake.</p>
<div class="lb-trans"><p>但以低价出售并不是一个选项。阿尔忒弥斯曾在某个时候寻求每股超过 40 欧元的价格。</p>
</div><p>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.</p>
<div class="lb-trans"><p>安踏每股 35 欧元的报价最初被视为过低，但在中国公司同意讨论价格保证条款后，差距开始缩小，其中一位消息人士表示。</p>
</div><h3>DEAL FINALISED IN PARIS LAST MONTH</h3>
<div class="lb-trans"><h3>上个月在巴黎完成交易</h3>
</div><p>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.</p>
<div class="lb-trans"><p>最终，三项战略考虑驱动了阿尔忒弥斯的出售决定，他们表示。第一是公司更倾向于控制资产而不是持有少数股权。它还希望将资本重新分配到更高价值创造的领域。最后，它不再认为自己是彪马在新任首席执行官阿瑟·霍尔德领导下下一个发展阶段的最佳股东。</p>
</div><p>Pinault had previously said the Puma stake was non-strategic.</p>
<div class="lb-trans"><p>皮诺此前曾表示，彪马的股份并非战略性。</p>
</div><p>“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.</p>
<div class="lb-trans"><p>“此次处置与阿尔忒弥斯实施的持续战略一致，旨在专注于受控资产，并将资源重新部署到新的价值创造领域，” 该公司上周在一份声明中表示。</p>
</div><p>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.</p>
<div class="lb-trans"><p>皮诺和安踏董事长丁世忠在安踏首次接洽后曾会面，并在 1 月初在巴黎敲定了交易，第二位消息人士表示。</p>
</div><p>Anta said last week that it did not plan to make an offer for the whole of Puma. ($1 = 0.8470 euros)</p>
<div class="lb-trans"><p>安踏上周表示，不打算对彪马进行全面收购。（1 美元 = 0.8470 欧元）</p>
</div><p>Puma: Rise and Fall</p>
<div class="lb-trans"><p>彪马：兴衰</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4bWnz8t" alt="" original-src="https://reut.rs/4bWnz8t"/></p>

从 “完美契合” 到告别：价格保证如何促成 Pinault 退出 Puma