Shares in German sportswear maker Puma rose after French luxury-to-retail giant PPR (up 2.67%) made a 5.3 billion euro ($7.1 billion) takeover bid for the company.
PPR plans to develop the retail network of Puma, PPR Chief Executive Francois-Henri Pinault said Tuesday.
The sports company has welcomed the cash bid, calling PPR the “perfect partner”.
Puma shares increased to 8.02% at 339.45 euros in Germany on Tuesday.
Also active on European trading:
Rodamco Europe (up 11.34%) and Unibail Holding (down 4.82%) France’s Unibail Holding has agreed to buy Dutch group Rodamco Europe, creating a property company with a combined portfolio of about 22 billion euros ($29.4 billion), the two firms said on Tuesday.
Aixtron (up 10.13%) Shares went up on speculation that Applied Materials has expressed interest in making a takeover offer for the company.
Sacyr Vallehermoso (up 4.48%) Spanish construction company FCC and Sacyr Vallehermoso’s highway unit signed a contract to design, build, finance and run the N6 Galway-Ballinasloe toll-road in Ireland late Monday.
ABN Amro (up 3.51%) The Dutch bank’s shares rose as speculation over a possible counterbid from Royal Bank of Scotland and Santander appeared likely.
DaimlerChrysler (up 2.56%) The German car maker lead the gainers on the DAX index after U.S. billionaire investor Kirk Kerkorian made a $4.5 billion offer for the struggling unit Chrysler.
J. Sainsbury (down 4.19%) Shares of Britain’s third largest food retailer fell after private equity groups Blackstone Group International and TPG Capital pulled out of the bidding consortium for the grocer.
Eurotunnel (down 4.76%) Eurotunnel’s shares fell on Tuesday as a share swap that is crucial for the Channel Tunnel operator got under way.