Shares in Puma SE climbed nearly 5 percent on Tuesday following growing speculation that Adidas could be preparing a potential takeover bid for its longtime sportswear rival.
Merger talk was first fuelled by Roy Adams, co-founder of U.S. investment firm Metronuclear, who raised the prospect in an interview with German business newspaper Handelsblatt on Friday. “Puma is in a state of emergency,” Adams said. “If management fails to turn things around, a merger with Adidas is the best option.”
When approached by FN, a spokesperson for Puma declined to comment. Adidas also refused to be drawn, with a company representative stating, “As a matter of principle, Adidas refrains from commenting on market speculation.”
Investor speculation boosts Puma stock
The latest rumours follow earlier speculation in August, when Puma’s share price briefly rose after Bloomberg reported that Artémis — the Pinault family’s holding company — was considering selling its stake in the German sportswear group.
According to Bloomberg, sources familiar with the matter said the billionaire family behind Kering Group is “working with advisers” on a potential sale of its 29 percent stake in Puma through Artémis, valued at roughly €800 million.
Puma faces mounting financial pressure
Puma has been under increasing financial strain this year. In July, the company posted preliminary second-quarter results that fell short of expectations. Sales declined 2 percent year-on-year in currency-adjusted terms to €1.94 billion.
At the same time, Puma issued a sharp downgrade to its full-year outlook. The sportswear brand now expects sales to fall by low-double digits in 2025 and warned of a potential annual loss. This marked a dramatic shift from its earlier forecast of modest sales growth and positive EBIT, previously projected between €445 million and €525 million.
With uncertainty surrounding Artémis’s stake and fresh speculation about an Adidas merger, investors are closely watching whether Puma’s management can stabilise the brand or if consolidation within the sportswear industry becomes inevitable.
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