MILAN, Apr 11, 2007, 2007/ --- Sportive lifestyle has reached PPR, with the French company’s announcement that it has acquired 27.1% stake in PUMA.

In an announcement yesterday, PPR confirmed that it has entered, through its subsidiary SAPARDIS, into an agreement with Mayfair Beteiligungsfondsgesellschaft I mbH to acquire its 27.1% stake in PUMA for EUR330 per share in cash excluding the 2006 dividend of EUR2.5 per share, implying a total consideration of EUR1.4 billion.

Following this acquisition, PPR intends to launch a friendly takeover offer in cash on the remaining outstanding PUMA shares at the same price of EUR330 per share. The offer price values PUMA at EUR5.3bn (equity value), implying a 24% premium on the undisturbed one-month weighted average share price (as of April 3rd).

Commenting on the transaction, Francois-Henri Pinault, Chairman and CEO of PPR, said in statement, "I am delighted to have reached an agreement with Mayfair supported by PUMA which creates the basis for a combined future for our two Groups.”

“This friendly transaction represents an exciting development for PPR and a milestone in our strategy of profitable growth. I am confident that PPR is the ideal partner to support PUMA in its current development phase to become a global iconic sportlifestyle company,” Pinault added.

With annual sales of 2.4 billion euros, PUMA is a leading company in the sportlifestyle market with a strong international presence and an attractive financial profile. The PUMA brand is product driven, consumer focused with a high global recognition, and therefore fits perfectly within PPR's global brand portfolio.