martedì 29 giugno 2010
Contingent Liability in relation with an Arbitration Ruling to grant PUMA all Trademark Rights in Spain
Ad Hoc Release Pursuant to § 15 WpHG
Law / Arbitration
PUMA AG Rudolf Dassler Sport (ISIN: DE00069696303 WKN: 696960)
PUMA WAY 1, D-91074 Herzogenaurach
Herzogenaurach, Germany, June 29th, 2010 – Sportlifestyle Company PUMA herewith declares that the former Spanish license holder Estudio 2000 S.A., which owned several PUMA trademark rights, has been obliged to vest these to PUMA according to the arbitration ruling. Through the vesting of all of the word, image and combined PUMA trademark rights in Spain, PUMA would ultimately own all trademark rights and take over the operational business in Spain, hence ensuring a consistent brand management strategy.
According to the arbitration ruling, the vesting of the trademark rights is subject to a one-time payment of up to 98 million Euros to Estudio 2000 S.A.. However, after a thorough legal assessment, PUMA will challenge the ruling. Management believes that a favourable outcome is more likely than not. Pursuant to § 15 WpHG PUMA informs herewith the financial markets of this contingent liability.
This ad hoc release does not constitute an offer to sell nor is it a solicitation to buy any securities.
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PUMA is one of the world’s leading Sportlifestyle companies that designs and develops footwear, apparel and accessories. It is committed to working in ways that contribute to the world by supporting Creativity, SAFE Sustainability and Peace, and by staying true to the principles of being Fair, Honest, Positive and Creative in decisions made and actions taken. PUMA starts in Sport and ends in Fashion. Its Sport Performance and Lifestyle labels include categories such as Football, Running, Motorsports, Golf and Sailing. Sport Fashion features collaborations with renowned designer labels such as Alexander McQueen, Mihara Yasuhiro and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra Golf and Tretorn. The company, which was founded in 1948, distributes its products in more than 120 countries, employs more than 9,000 people worldwide and has headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong. For more information, please visit http://www.puma.com