PUMA Welcomes $7 Billion Takeover Bid

French retailer Pinault-Printemps-Redoute (PPR) made a $7.07 billion (5.3 billion euro) bid to add German sportswear company Puma to its line-up of Gucci and Yves Saint Laurent iconic fashion brands. The Board of Management of PUMA AG welcomes the acquisition by the French luxury goods company of the stake of Mayfair in PUMA as well as the intended voluntary public take-over offer by PPR to PUMA shareholders. As a result, PUMA will not only receive the support of a financially strong and leading international company as it implements its Phase IV expansion strategy, but will also benefit from PPR's global positioning, strong portfolio of premium brands and expertise in the retail business.