Kering has completed the sale of about 8.8 million shares in Puma for €655.6 million, further reducing its stake in the company from 15.7 percent to 9.8 percent. Kering held 86.3 percent of Puma’s shares before spinning off most of them to its own shareholders in 2018 in order to concentrate on the luxury goods sector. The latest block of shares was placed with “qualified investors” through an accelerated book-building process at a unit price of €74.50, down from the price of €79.99 at which Puma’s stock opened on Monday, the day when the new, partial divestiture was announced. Kering and its holding company, Artèmis, have entered into a lock-up agreement in relation to their Puma shares that will expire 90 days after the settlement of the private placement, scheduled to occur on Oct. 8. Artèmis, which is controlled by the Pinault family, holds stakes of 28.8 percent in Puma and 40.9 percent in Kering. In June, Artèmis launched a convertible bond issue that should see its stake in Puma reduced to 25 percent in 2025. Another holding company controlled by the same family, Financière Pinault, may still hold a few more shares in Puma.