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Kering Sells Puma Stake for $1 Billion Sale in Shift to Luxury

(Bloomberg) Gucci owner Kering SA completed the sale of a 5.9% stake in Puma SE paring an investment in the sports-shoe maker to focus on higher-end luxury.The French company sold 8.9 million shares in the German brand for 90.3 euros apiece, or a total of about 805 million euros ($982 million), according to a statement on Thursday. Following the accelerated bookbuilding process, Kering will own 4% of Puma.The transaction comes after a previous sale in October of the same size.Kering began reducing its holding in the sneaker and sportswear brand in 2018, more than a decade after investing in it. The Pinault family, which controls Kering, has gradually pushed its portfolio upmarket since taking a controlling stake in Gucci.Kering said the sale proceeds will be used for general corporate purposes and will further boost its financial structure. It could also give the company additional ammunition for acquisitions. Last month, Chief Executive Officer Francois-Henri Pinault said Kering had ....

GOP Lawmakers Look To Strip Powers From Arizona's Election Head


By Howard Fischer
Capitol Media Services
PHOENIX Republican lawmakers took the first steps Tuesday to strip Secretary of State Katie Hobbs of some of her powers.
Measures approved by both the House and Senate Appropriations committees would take away her power to defend state election laws and give it to Attorney General Mark Brnovich.
It even prevents her from being able to get legal advice from the Attorney General s Office. And it also would remove her purview over the Capitol Museum located in the historic Capitol.
But they insist it s not personal, not a power grab and not punishment for her political stance, even as several said how unhappy they are with things she s done. ....

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