Puma said that the arbitration tribunal dealing with its trademark dispute in Spain has issued a revised ruling requiring downsized compensation for Estudio 2000, the German sports company's former licensee in the country. Two years ago Puma was ordered to pay €98 million as compensation for the end of its licensing agreement with Estudio 2000, but the German company decided to appeal. The new ruling calls for Estudio 2000, a footwear manufacturer based in Elche, near Alicante, to hand over all its rights to the Puma trademark in exchange for a one-off payment of €42.2 million. Puma has two months to study the decision, which it may appeal again. Puma is already covering the Spanish market with its own operations based in Barcelona.

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