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French luxury conglomerate, Kering, has announced the international sportswear brand is officially spun off from the Group as of May 16.
Kering has confirmed the exceptional distribution in kind of Puma SE shares was effective as of May 16, payment date. The Group says the distribution ratio of Puma shares to Kering shareholders is equal to 1 Puma share for 12 Kering shares held.
The Puma opening share price, which will be used in particular as a basis for tax calculation purposes, was €429 in the morning of the announcement, on the Xetra trading platform at Frankfurt.
Following this transaction Kering is to retain 15.7% of the share capital and 15.85% of the shares outstanding and voting rights of Puma; this stake is to be accounted for under the equity method in Kering’s financial statements.