Artémis, the holding company that controls Kering, expects to reduce its stake in Puma from 29 percent to about 25 percent through a new €500 million convertible bond offering. Bondholders will be able to convert their investment into Puma shares in 2025, with a conversion premium of between 35 and 40 percent over Puma’s reference share price. Artémis, which is turn controlled by François Pinault and his family, acquired its 29 percent stake in Puma when Kering spun off most of its holdings in the sports company to its own shareholders in 2018, retaining a stake of 15.8 percent. Last September, Kering launched a similar convertible bond issue of more than $550 million at a similar convention price, which will dilute its stake to around 10 percent.