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What is the story about?
The Competition Commission on Tuesday cleared Hong Kong-based ANTA Sports Products' proposal to acquire a 29.06% stake in global sportswear company PUMA.
"The proposed combination involves the acquisition by Ancat Holding GmbH (Ancat) (an indirect wholly-owned subsidiary of ANTA) of 29.06% of the issued and outstanding share capital of PUMA SE (PUMA) by way of a secondary share purchase," the regulator said in a release.
Ancat is an acquisition vehicle and does not carry on any business activities, whether in India or outside.
"CCI (Competition Commission of India) approves acquisition of certain shareholding in PUMA SE by Ancat Holding GmbH," the regulator said in a post on X.
ANTA is engaged in the research and development, design, manufacturing, marketing, and sales of sports products, including footwear, apparel, and accessories.
In January this year, ANTA said it had reached a share purchase agreement with Groupe Artemis, the investment company of the Pinault family, to acquire a 29.06% stake in PUMA SE, the company behind the iconic global sports brand.
The 29.06% stake was valued at 1.5 billion euros in cash.
Upon the completion of the transaction, ANTA Sports Products Ltd will become the largest shareholder in the German sportswear maker.
PUMA brings powerful sports assets - particularly in football, running, training, basketball, and motorsport - and has a wide reach across key sports markets, including Europe, Latin America, Africa, and India.
Groupe Artemis owns the Paris-listed luxury conglomerate Kering. The latter's portfolio of brands includes Gucci, Bottega Veneta, Yves Saint Laurent, and Balenciaga.
Deals beyond a certain threshold require approval from the regulator, which monitors unfair business practices and promotes fair competition in the marketplace.
"The proposed combination involves the acquisition by Ancat Holding GmbH (Ancat) (an indirect wholly-owned subsidiary of ANTA) of 29.06% of the issued and outstanding share capital of PUMA SE (PUMA) by way of a secondary share purchase," the regulator said in a release.
Ancat is an acquisition vehicle and does not carry on any business activities, whether in India or outside.
"CCI (Competition Commission of India) approves acquisition of certain shareholding in PUMA SE by Ancat Holding GmbH," the regulator said in a post on X.
ANTA is engaged in the research and development, design, manufacturing, marketing, and sales of sports products, including footwear, apparel, and accessories.
In January this year, ANTA said it had reached a share purchase agreement with Groupe Artemis, the investment company of the Pinault family, to acquire a 29.06% stake in PUMA SE, the company behind the iconic global sports brand.
The 29.06% stake was valued at 1.5 billion euros in cash.
Upon the completion of the transaction, ANTA Sports Products Ltd will become the largest shareholder in the German sportswear maker.
PUMA brings powerful sports assets - particularly in football, running, training, basketball, and motorsport - and has a wide reach across key sports markets, including Europe, Latin America, Africa, and India.
Groupe Artemis owns the Paris-listed luxury conglomerate Kering. The latter's portfolio of brands includes Gucci, Bottega Veneta, Yves Saint Laurent, and Balenciaga.
Deals beyond a certain threshold require approval from the regulator, which monitors unfair business practices and promotes fair competition in the marketplace.
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