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Kering Completes Sale Of 5.9% Stake In Puma

French luxury goods company Kering SA (PPRUY.PK,PPRUF.PK) said that it has completed the sale of about 5.9% stake in Puma (PMMAF.PK) for 655.6 million euros. The transaction corresponded to a selling price of 74.50 euros per Puma share.

Following the transaction, Kering will have a remaining stake of 9.8% of Puma's share capital.

Kering and Artémis have entered into a lock-up agreement relating to the Puma's shares, which lock-up is expected to end after a period of 90 calendar days from the settlement date of the shares. Settlement of the placement is expected on 8 October 2020.

Kering said it will use proceeds of the transaction for the general corporate purposes.

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