July 17 (Bloomberg) -- PPR SA, the French owner of the Gucci luxury brand, said a 5.3 billion-euro ($7.3 billion) bid for German sporting-goods maker Puma AG succeeded after almost two-thirds of investors accepted its offer.

PPR now owns a 62.1 percent stake in Puma, a statement released today by the Paris-based company shows. The purchase is the first major acquisition by Chairman Francois-Henri Pinault since he took over from his father two years ago. Puma investors had five weeks until July 11 to tender their shares.

The luxury-goods maker agreed in April to purchase a 27 percent stake in Puma and bid for the rest of the shares to gain a global brand that straddles sports and fashion. Puma, Europe's second-biggest sporting-goods maker, has raised sales fivefold in six years as nostalgia for the 1970s spurred purchases of shoes and clothes evoking the period.

``They got what they wanted,'' said David Da Maia, an analyst at Aurel Leven in Paris with a ``buy'' recommendation on PPR stock. ``PPR can be really satisfied with the result.''

Shares of Puma, which supplies soccer uniforms to World Cup champion Italy, fell below PPR's 330-euro offer price on July 12 after the bid expired. They slipped 1.76 euros, or 0.6 percent, to 316.24 euros in Frankfurt today. The stock has surged 25-fold since the end of 2000.

`Delayed Reaction'

``Yesterday's dip was a delayed reaction of some investors who had previously hoped that PPR would get significantly less than 60 percent and would step up its offer,'' said John Guy, an analyst at Man Securities in London with a ``buy'' recommendation on the shares.

``We may see Puma's share price fall even further.''

PPR stock rose 26 cents, or 0.2 percent, to 131.10 euros in Paris. It has added 16 percent this year, more than double the gain of the 14-member Bloomberg European Fashion Index.

The company doesn't have to make another public offer because it exceeded the 30 percent threshold set by German law.

The luxury-goods maker has said it aims to step up opening of new Puma stores in developing markets and increase the brand's presence in the U.S. The German company in October opened its third New York store on Union Square in Manhattan.

``PPR is now free to implement its strategy and help Puma expand, notably in the U.S.,'' said Amandine Gerard, an analyst at Richelieu Finance in Paris. ``Puma's margins are very high -- as much as 15 percent -- so they will improve PPR's profitability.''

Leaping Cat

Puma and competitor Adidas AG, the biggest European maker of sporting goods, were formed in the late 1940s after brothers Adolf and Rudolf Dassler clashed over strategy for the shoe company they founded in 1924. ``Adi'' Dassler used his own name for his company, and his brother turned to a leaping cat for his logo. Both businesses are based in Herzogenaurach, Germany.

PPR has built itself into the world's third-biggest luxury- goods company with the purchase of brands such as Stella McCartney and Alexander McQueen, which it has said would become profitable this year. Luxury sales are rising more quickly than revenue at its retail unit, which includes Fnac electronics and book stores and the Conforama furniture chain.

To contact the reporter on this story: Ladka Bauerova in Paris at lbauerova@bloomberg.net.

Last Updated: July 17, 2007 11:48 EDT