Puma shares have surged more than 17% after reports emerged that Chinese sportswear giant Anta Sports Products is exploring a potential takeover of the struggling German firm.
Anta is reportedly working with an adviser to evaluate a bid and may partner with a private equity firm to execute the deal, according to Bloomberg.
The news sent Puma’s Frankfurt-listed stock climbing to near €20 per share, providing a brief respite for a company that has seen its market value slashed by >60% this year.
Other potential suitors are also circling the German manufacturer, with Chinese rival Li Ning Co. and Japan’s Asics Corp. both linked to early-stage interest.
"Anta Sports is working with a financial adviser to evaluate an acquisition bid for Puma SE," sources close to the matter told reporters, noting that deliberations remain preliminary.
The race for Puma
The potential acquisition would add a major global heritage brand to Anta’s expanding portfolio, which already includes Fila’s China operations, Jack Wolfskin, and a controlling stake in Amer Sports - the parent company of Arc’teryx and Salomon.
Anta’s track record for big-ticket M&A is well established. In 2019, the Hong Kong-listed group led a consortium to acquire Amer Sports for $5.2 billion.
With a market capitalisation of approximately $31 billion, Anta dwarfs Puma, which has seen its valuation tumble to around €2.5 billion ($2.6 billion) amidst waning demand and fierce competition from Adidas and Nike.
However, any deal faces a significant hurdle in the form of the Pinault family.
Through its holding company Artémis, the French billionaire family owns a controlling 29% stake in Puma.
While Artémis managing partner François-Henri Pinault described the stake as "interesting but not strategic" in September, the family is expected to demand a significant premium on the current depressed share price.
Turnaround tactics
The takeover speculation comes as Puma attempts to execute a difficult turnaround under new CEO Arthur Hoeld.
Appointed earlier in 2025, Hoeld has moved to cut 900 corporate jobs and refocus the brand on its core performance categories of running and football.
Despite these efforts, the company has struggled to regain momentum, issuing a profit warning last month as it battles softer consumer spending in Europe and China.
For Anta, an acquisition would secure a massive foothold in the Western market - while for Puma shareholders, it may offer the only quick exit from a bruising year.
