January 11, 2018 / 5:00 PM / 4 months ago

BRIEF-Kering to distribute Puma shares to its stakeholders

Jan 11 (Reuters) - Kering:

* ‍ON 11 JANUARY 2018, KERING’S BOARD OF DIRECTORS UNANIMOUSLY PROPOSED TO SUBMIT TO ITS SHAREHOLDERS PROJECT TO DISTRIBUTE IN KIND AROUND 70% OF PUMA SHARES OUTSTANDING, OUT OF 86.3% CURRENTLY OWNED BY GROUP​

* ‍POST TRANSACTION, KERING WOULD RETAIN APPROXIMATELY 16% OF PUMA SHARES OUTSTANDING. ARTÉMIS, WHICH HOLDS 40.9% OF KERING’S SHARES, WOULD BECOME A LONG TERM STRATEGIC SHAREHOLDER OF PUMA WITH AN OWNERSHIP OF ABOUT 29%. ​

* ‍PUMA’S FREE FLOAT WOULD BE INCREASED TO APPROXIMATELY 55%​ Further company coverage:

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