Run for luxury

Puma investors have until Wednesday to decide whether to tender their shares to PPR. Those betting on the French luxury-to-retail conglomerate raising its E330-a-share cash bid are in for a disappointment. The offer represents a 24% premium to the average price over the month before it was made. Chief executive Francois-Henri Pinault has repeatedly said he will not raise it. And he is already in effective control of the German shoemaker, thanks to a 27% stake acquired from the controlling family...