By Joshua Kirby
Shares in Puma SE fell in early trade Tuesday after French luxury-goods conglomerate Kering sold a 5.9% stake in the company for roughly 655.6 million euros ($772.7 million).
The French company retains a 9.8% stake in Puma following the sale, which took place via an accelerated bookbuilding process.
At 0728 GMT shares in Puma traded 3.1% lower at EUR75.68, after falling 3.7% shortly after the open.
Kering sold the stake in the German sporting-goods company to investors following the bookbuilding, it said Tuesday.
Kering said it made an agreement with Puma shareholder Artemis regarding Puma shares related to the transaction. Artemis also holds a stake of just over 40% in Kering.
"Kering and Artemis have entered into a lock-up agreement relating to Puma's shares, which is expected to end after a period of 90 calendar days from the settlement date of the shares," Kering said.
Write to Joshua Kirby at joshua.kirby@dowjones.com
Corrections & Amplifications
This article was corrected at 1036 GMT because the original incorrectly said Kering sold a stake to Artemis. Kering sold the 5.9% stake in the German sporting-goods company to investors following a bookbuilding process, the company said.
(END) Dow Jones Newswires
10-06-20 0354ET