Puma shares surged more than 11% after reports suggested CVC Capital Partners and Authentic Brands are preparing a takeover offer for the German sportswear company, according to a report by Reuters.

Manager Magazin reported that Authentic Brands CEO Jamie Salter and CVC’s German head Alex Dibelius had expressed interest in acquiring the 29% stake owned by the Pinault family through Artemis. However, a source close to Artemis rejected the claim, saying there is no active sale process and describing the report as “factually false.”

Artemis, the Pinault family holding company, acquired the Puma stake in 2018 from Kering, which divested to focus on its luxury portfolio. Bloomberg had previously reported Artemis was sounding out potential buyers for its roughly $960m holding, but Reuters later said Artemis had ruled out a sale at current valuations.

Authentic Brands has a track record of acquiring consumer brands, including Forever 21, Aeropostale, and Reebok, which it purchased from Adidas in 2021, fending off competition from CVC.

Despite the conflicting signals, Puma was the biggest gainer on the STOXX 600 index on Wednesday. Its stock has halved in value this year, making speculation of a deal particularly impactful.

If pursued, a takeover by CVC and Authentic Brands would mark one of the most high-profile European consumer deals of the year, placing private equity at the centre of another major sportswear shake-up.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.