U.S. News

PPR Won't Raise Price for Germany's Puma


French luxury goods maker PPR will not raise its 330 euros a share ($444.5 a share) offer for German sportswear company Puma.

PPR said it now holds a 33.2% stake of Puma after offering to buy the shares it did not already own. The takeover offer was launched May 14 following the acquisition of a 27.1% stake in Puma on April 10.

Puma will likely be consolidated into PPR accounts during the second quarter, Chief Financial Officer Jean-Francois Palus said.

"The more (Puma) share we have, the better it will be for everyone," Palus added.

PPR said on June 15 that it had received approval from European and American competition authorities for its 5.3 billion euros takeover of Puma.