PPR refuses to raise Puma bid

PPR has ruled out the possibility of raising its €5.3 billion bid for Puma. Speaking at a joint press conference of the two companies, PPR chief executive Francois-Henri Pinault said that he would not be offering more, although Puma’s share price had risen from €330 that PPR is paying per share to €343.36 last week Thursday.

“I won’t increase my price…I would be fine with 27 percent,â€? Pinault said. This would still give PPR a controlling minority, thereby limiting the chance of a counter bid from firms such as Nike or Umbro. In the event of a hostile counter bid, Pinault maintained that his bid was “full and finalâ€?. Puma has expressed its support of PPR’s bid. The German sporting goods company said it believed it could growth with the help and expertise of the luxury goods group.