Gucci owner PPR has announced it now holds a 33.2 per cent stake in German sportswear maker Puma following the expiry of an initial share offer.
The French retailer, which is seeking a full takeover of Europe's second-largest manufacturer of sporting goods, had offered Puma stock-holders €330 a share in a public offer that closed on June 20th.
PPR's planned acquisition of Puma comes after it bought a 27.1 per cent stake in the company in April at the same price.
Declaring its increased stake in Puma today, the Paris-based group announced its intention to extend the offer period as it tries to persuade further investors to part with their shares in the company.
Puma's remaining shareholders will now have until July 11th to sell their stock to PPR, with the offer commencing again tomorrow.
The result of the extended offer will be declared on July 17th, PPR said.
Although Puma has been under pressure from falling profits, the firm has seen its sales soar over recent years, making it a takeover target.
PPR's involvement with Puma, which supplies football clubs such as Tottenham Hotspur with kit, will boost the German company's expansion, analysts say.
Commenting on its increased stake in the company, PPR chairman and chief executive Francois-Henri Pinault said: "We are satisfied with this result which strengthens our controlling position in Puma.
"PPR confirms its long-term commitment to this group," he added.
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