French luxury goods group Kering (PRTP.PA) said it was launching an offer of bonds that could be exchanged for shares in Puma (PUMG.DE), in which Kering already holds a 15.7% equity stake, to the tune of 500 million euros ($549.8 million).
Kering added in a statement on Wednesday that the initial exchange price would represent an exchange premium of 30%-35% over a reference share price for Puma.