Puma’s shares saw a boost on the Frankfurt Stock Exchange on Thursday on rumors that Anta Sports and Li Ning Co. were exploring potential takeover bids of the German sports company.
An acquisition would give Puma a lifeline in a year where the brand has made changes at the executive level and revised its financial outlook amid a revamp effort.
Puma’s shared were up nearly 19 percent in Frankfurt trading on Thursday but are still down over half their value in the year to date and the brand revised its financial outlook to forecast a full-year loss. But interest from Anta and Li Ning is a bright spot after months of an uneasy road for Puma where signs of a planned turnaround won’t be apparent until at least 2027.
Despite the positive sudden impact the rumors had in trading on Thursday, Puma’s shares are still down 56 percent from the start of the year.
In October, the company announced it would cut 900 jobs as part of a strategy to regain sustainability. News of those cuts followed the March revelation of 500 roles that would be eliminated. In April, Arthur Hoeld replaced CEO Arne Freundt in a moved described by Puma as “differing views on strategy execution.”
After Puma’s third-quarter earnings report was released, the company was clear that a “reset phase” was necessary.
“At the end of July, we stated that 2025 would be a year of reset,” Puma CEO Arthur Hoeld said in the report. “Since then, we have taken important steps to clean up Puma’s distribution, improve our cash management and reset our operational expenses. By expanding our cost efficiency program, we are moving quickly to address challenges and make the business more efficient and resilient. With third-quarter results meeting our expectations, we remain committed to executing these measures with discipline.”
The report also noted that Puma intends ramp up efforts to use its own channels to sell to customers and slow discounting from retailers.
Meanwhile, the Pinault family, which owns 29 percent of Puma — as its largest stakeholder — has previously been rumored to have explored a sale of the company earlier in the year. Any discussion or proposed deal would have to meet the approval of its Artémis holding company. Another roadblock is Puma’s market value has lagged and the Pinault family would likely resist making a deal and would rather see the how the company would possibly rebound under Hoeld’s leadership.
Sources with knowledge of interest in a potential takeover of Puma told Bloomberg that Anta and Li Ning are among companies considering a deal. The report also said that Anta is already working with advisers to explore how to best consider a bid, which might include bringing in a private equity firm. Li Ning is in talks with banks to sort how — and when — financing an acquisition could take place.
Anta and Li Ning are Chinese sport powerhouses have made significant inroads outside of Asia. Anta owns several brands or a major stake in brands like Fila, Arc’teryx, Salomon and Wilson while Li Ning has boosted is profile with big name signings of American and European athletes.
