Kering sells 5.9% stake in Puma for $772 million

PARIS (Reuters) – French luxury group Kering said on Tuesday it had completed the sale of a 5.9% stake in Puma for approximately 656 million euros ($772 million).

The company, which had announced its plan the sell the stake on Tuesday, said the transaction corresponded to a selling price of 74.50 euros per share.

The sale reduces Kering’s in the German sportswear company to 9.8%.

(Reporting by Sudip Kar-Gupta, writing by Benoit Van Overstraeten; editing by Jason Neely)