Puma stock records double-digit growth
Puma stock experienced a significant surge on Wednesday, with shares trading at 22.43 euros – a marked improvement from its August low of 18.17 euros. This surge represents an increase of around 12 percent.
The current trading price of Puma's stock is near the late August high, suggesting a potential for price development in the stock market today. The stock's upturn follows a report that linked the Pinault family, Puma's major shareholders, to potential takeover plans.
The takeover speculation for Puma continues to arise, with both competitors and financial investors showing potential interest. The Chinese sportswear manufacturers Anta Sports Products and Li Ning, as well as other U.S. sportswear firms and sovereign wealth funds from the Middle East, have been approached by the Pinault family, which holds about 29% of Puma shares through Artemis.
Two investors, CVC and Authentic Brands Group (ABG), are already warming up to potential involvement. The report in Manager Magazin fanned the flames of takeover rumours, contributing to the stock market's boost.
However, it's important to note that the company faces challenges in its operating business, which has contributed to the stock's decline over the past months and years. Despite these operational challenges, brave investors are starting to show interest in Puma stock.
If the 22.43 euros mark is broken, Puma stock could move up to the significant resistance area around 25 euros.
It's worth mentioning that the publisher Boersenmedien AG's management and majority shareholder, Mr. Bernd Foertsch, has direct and indirect positions in the financial instruments mentioned in the publication. The Pinault family, on the other hand, stated they no longer have a strategic interest in Puma.
The speculation about a possible takeover by Adidas remains unconfirmed. The publication contains material from dpa-AFX.
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