彪马待价而沽，阿迪达斯、中资企业、国际私募或上演“三国杀”

Core Viewpoint - The potential sale of Puma shares held by the Pinault family is generating significant interest in the capital market, with various buyers, including Adidas, Authentic Brands Group (ABG), and CVC Capital, expressing interest in acquiring the 29% stake [1][6][10] Group 1: Market Reactions and Stock Performance - Following speculation that Adidas might be a potential buyer, Puma's stock price rose by 2.9% on September 16 and surged by 16.8% on September 17, marking a total increase of over 19% in two days [1][9] - The stock price had previously experienced a decline of 23% earlier in the year due to macroeconomic challenges and a significant drop to a new low since 2016 [6][9] Group 2: Ownership Structure and Potential Buyers - The Pinault family, through their holding company Artémis, owns 29% of Puma, making them the largest single shareholder, while other institutional investors hold around 3% each [3][5] - If CVC acquires the 29% stake from Artémis, it would become the largest single shareholder in Puma [5] - ABG is known for acquiring and revitalizing struggling brands and has previously engaged in competitive bidding with CVC for other brands, indicating a strong interest in Puma [5][6] Group 3: Historical Context and Strategic Implications - The historical rivalry between Adidas and Puma dates back to their founding by the Dassler brothers in 1948, and a potential acquisition would symbolize a "family reunion" in the industry [8][9] - The combined revenue of Adidas and Puma could challenge Nike's market dominance, with projected revenues of approximately $514 billion for Nike, €236.8 billion for Adidas, and €88.17 billion for Puma [8][9] - The merger would allow for a dual-brand strategy, potentially covering a broader customer base from professional sports to fashion [8][9] Group 4: Challenges and Regulatory Concerns - The acquisition faces significant hurdles, including potential antitrust issues from the EU, particularly in overlapping markets like football sponsorship [9] - Maintaining brand identity and managing the competitive history between Adidas and Puma would also pose challenges [9]