Noerr advises Kering on reduction of stake in Puma

The French company Kering S.A. announced on 11 January 2018 that it will reduce its current shareholding of 86% in Puma S.E. and distribute approximately 70% of the outstanding Puma shares as a dividend in kind to its shareholders. Kering S.A. (turnover 2016: € 12.4 billion), which is listed in Paris (Euronext), is seeking to reinforce its status as a leading pure player in Luxury (Brands: Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Christopher Kane, McQ, Stella McCartney, Ulysse Nardin and others). Puma S.E. is to be independent in the future and will benefit from a significantly increased free float of around 55 percent. The market capitalization of Puma S.E., which is listed in the Prime Standard of the Frankfurt Stock Exchange, is currently more than € 5 billion. The dividend in kind shall be resolved upon in Kering’s annual general meeting which is expected to take place in April this year.

Noerr advised Kering together with an integrated team of  Darrois Villey Maillot Brochier.

Advsiors to Kering S.A.:

Noerr LLP: Dr Alexander Ritvay, Dr Michael Brellochs (both M&A, Capital Markets, lead), Dr Laurenz Wieneke (Capital Markets), Dr Carsten Heinz (Tax), Dr Hans-Christoph Schimmelpfennig (Employment Law), Dr Julian Schulze De la Cruz, Susanne Rummel, Anne-Kristin Schiller (all Capital Markets), Dr Fabian Badtke (Antitrust).

Darrois Villey Maillot Brochier (A.A.R.P.I.): Bertrand Cardi, Christophe Vinsonneau, Loïc Védie, Leila Dhouib.