从彪马到猛犸象，安踏的欧洲并购线索浮现

Core Viewpoint - Anta is pursuing the acquisition of a 29% stake in Puma from the Pinault family, indicating a strategic move rather than aggressive expansion, amidst ongoing negotiations that have encountered a stalemate [1][4][7]. Group 1: Acquisition Details - Anta has proposed a buyout for Puma's shares, with the Pinault family's investment firm expecting a price above €40 per share [1]. - The current market price for Puma shares is in the low twenties, reflecting cautious market sentiment regarding its future growth [5]. - The negotiations are complex, involving not just price but also board representation, strategic influence, and mechanisms for future stake increases or exits [6]. Group 2: Strategic Context - Anta's acquisition strategy has evolved over the years, focusing on governance structure, synergy potential, and predictable long-term returns rather than absolute control [3]. - The interest in Puma represents a strategic entry point into a well-established global brand, which has a strong presence in Europe, North America, and Latin America, but is currently facing growth challenges [4][8]. - The ongoing negotiations reflect a broader trend of Anta reassessing its position in the global sports brand landscape, seeking quality assets that align with its operational capabilities [11]. Group 3: Market Dynamics - The global sports brand market is undergoing significant restructuring, and Anta is actively seeking new opportunities while adopting a more cautious and focused approach to acquisitions [9][10]. - The potential acquisition of Mammut, a Swiss outdoor brand, is also in the early stages, with an estimated valuation of up to €500 million, indicating Anta's continued interest in expanding its portfolio [9][11].