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French luxury brand house Pinault-Printemps-Redoute (PPR) is to launch a friendly takeover bid for sports brand Puma, after it bought a 27.1% stake in the company last week. The bid from PPR, owner of Gucci, values Puma at about EUR5.3 billion (£3.61bn). The deal would allow the German sports label to carry out more designer collaborations similar to its range with Alexander McQueen.