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Why Kering Is Backing Away From Puma

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Luxury giant Kering is offloading a 5.9 percent stake in German footwear and athleticwear company Puma, with the company selling approximately 8.9 million shares. Based on Puma’s closing share price of 93.60 euros ($114.10) on Wednesday, Kering would raise approximately 833 million euros ($1 billion) in the sale. The luxury titan said it will announce…

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