By Mauro Orru

Kering said Monday that it would sell part of its stake in German sporting-goods company Puma SE through an accelerated bookbuilding process.

The French luxury-goods conglomerate said it would sell shares representing around 5.9% of Puma's share capital.

The stake is worth around EUR687 million, based on Puma share price at closing on Monday.

Kering is expected to retain about 9.8% of Puma's outstanding shares after the placement.

Proceeds will be used for general corporate purposes and to further strengthen Kering's financial structure, the company said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

October 05, 2020 13:09 ET (17:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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