Puma Shares Surge as China’s Anta Sports Weighs Potential Bid

Core Viewpoint - Anta Sports Products Ltd. is exploring a potential takeover of Puma SE, with discussions being preliminary and involving potential partnerships with private equity firms [1][3]. Group 1: Anta Sports - Anta is working with an adviser to evaluate a bid for Puma and may collaborate with a private equity firm if it proceeds [1]. - Anta has a market value of $31 billion and has gained 10% in Hong Kong trading this year [5]. - Anta previously led a consortium that acquired Amer Sports for $5.2 billion in 2019, maintaining its position as the largest investor after Amer's IPO in New York [5]. Group 2: Puma - Puma shares surged 19% in Frankfurt trading, marking the largest increase since October 2001, but had previously dropped 62% this year, resulting in a market value of €2.5 billion ($2.9 billion) [2][3]. - The valuation expectations of Puma's largest shareholder, the Pinault family, may pose a significant challenge to any potential transaction [3]. - The Pinault family's Artémis holding company owned 29% of Puma at the end of the previous year [4]. Group 3: Other Potential Bidders - Other potential bidders for Puma include rival Chinese apparel firm Li Ning, which is exploring financing options with banks [2]. - Li Ning's stock has risen about 7% in 2025, giving it a market value of $5.8 billion [6]. - Asics Corp. has stated it is not in talks and has no plans to acquire Puma, while Li Ning has indicated it remains focused on its brand growth without conducting substantive negotiations regarding Puma [6].