Gucci owner takes control of Puma

French luxury goods maker PPR has taken effective control of German sportswear maker Puma, reported The BBC.

The Gucci owner now holds a 62.1% stake in Puma following its extended share offer for the group.

PPR first bought a 27% holding in Puma in April for 330 euros a share, valuing it at 5.3bn euros ($7.1bn; £3.6bn).

Analysts said that many Puma investors had delayed selling their shares, as they thought the bid was too low and had been hoping for a better deal.

However, earnings problems at Puma - the world's third largest sportswear maker by sales - dashed hopes of a sweetened deal, prompting many investors to sell up, analysts explained.

The bid represented a 19% premium on Puma's share price before news of the deal emerged in April

In a statement Puma said the deal was a "fair" one and that with PPR's support it would now "invest in brand-building".