Shedding Puma, meanwhile, would turn Kering into a pure player in the high-margin luxury business, where it rivals larger peers such as French conglomerate LVMH.
Gucci-owner Kering plans to spin off German sports brand Puma to the French conglomerate's shareholders as it sharpens the group's focus squarely on its luxury brands.
Puma shares were down 4.4 percent at the close, with Kerin down nearly 1 percent.
We reached out to Volcom CEO Todd Hymel about this news, but he declined to comment beyond the press release Kering issued about the Puma decision.
The holding company of the Pinault family, Artemis, which owns almost 41 percent of Kering, plans to be a long-term strategic investor in Puma with a stake of approximately 29 percent, the statement said.
The Paris-based company said Thursday it would ask shareholders to approve distributing 70 percent of Puma's outstanding shares, which would reduce Kering's stake to 16 percent from 86 percent.
"The full support of both Artemis, which would become Puma's main shareholder, and Kering, as a significant minority shareholder, reflects a strong confidence in the company's ability to continue to deliver its strategic and financial objectives", said Francois-Henri Pinault, Kering's chief executive and chairman.
The disposal is likely to be a boost for Kering shares, analysts said.
"The Puma divestiture materializing sooner - rather than later - will add oomph to the stock", Exane BNP Paribas analyst Luca Solca said in a note. The number of Puma's publicly traded shares would be increased to approximately 55 percent, a statement from Kering said.
The sports goods company will probably now be a candidate for inclusion in Germany's mid-cap index, Duplaix said.
Public Sector Pension Inv Board holds 0.73% of its portfolio in Microsoft Corporation (NASDAQ:MSFT) for 2.26M shares. The stock exchanged hands 41.28 Million shares versus average trading capacity of 18.28 Million shares.
The smartphone will come with connectivity option such as 4G, Wi-Fi, Bluetooth, GPS/ A-GPS, and Micro-USB. Besides these models, it is known that HMD Global will launch the Nokia 9 on January 19 in China.
Their average price target spell out an upbeat performance - a 6% and would give VIAB a market capitalization of almost $12.73B. Investors who are keeping close eye on the stock of QEP Resources, Inc. (NASDAQ:VIAB) on Tuesday, January 2 to "Hold" rating.
Moreover, Barrett Asset Management Ltd Company has 3.32% invested in Exxon Mobil Corporation (NYSE: XOM ) for 557,066 shares. Seabridge Inv Ltd Liability Corporation reported 0.1% of its portfolio in Exxon Mobil Corporation (NYSE: XOM ).
The firm owned 68,004 shares of the oil and gas company's stock after purchasing an additional 1,708 shares during the period. Finally, SunTrust Banks reiterated a "hold" rating on shares of Schlumberger in a research report on Tuesday, October 31st.
The institutional investor owned 977,979 shares of the company's stock after buying an additional 2,979 shares during the period. Piper Jaffray maintained Ctrip.com International, Ltd. (NASDAQ:CTRP) on Thursday, November 19 with "Overweight" rating.
The ELN, founded by radical Roman Catholic priests in 1964, has sought peace with the government before but made little progress. In turn, the government agreed to improve protection for community leaders and conditions for about 450 jailed rebels.
Ledyard Financial Bank stated it has 0% in Micron Technology, Inc . "(MU)" was first published by BBNS and is owned by of BBNS. Micron and Intel said they expect no change in the cadence of their respective 3D NAND technology development of future nodes.
Earlier the RIL chairman predicted that India will be ahead of the U.S. in terms of data infrastructure by 2019. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on.
Ivanka Trump , special adviser to the US President Donald Trump , was impressed by Oprah Winfrey's speech at the Golden Globes . They are literally dragging her by her cheap Ivanka Trump shoes and it's well deserved.
Fred 'Waiting for Guardiola to Call'
Manchester City boss Pep Guardiola has identified Shakhtar Donetsk midfielder Fred as Fernandinho's long-term successor. Midfielder "Shakhtar" is focused on the second half of the season, but waiting for a call from Guardiola.
Hogan Announces State Lawmaker Term Limit Bill
Fifty-nine percent of African-American voters approved of the job he is doing, while 31 percent disapproved. His approval rating among Republicans is 86 percent and 78 percent with independent voters.
UConn's Williams on Wooden Award Midseason Top 25
Wooden Award will be presented during the ESPN College Basketball Awards presented by Wendy's on Friday, April 6, 2018. But it's been more than a decade since a Blue Devils player won the John Wooden Award - the last one being J.J.