Shares of Puma climbed nearly 5% Tuesday amid growing speculation that Adidas may be preparing a takeover. The talk gained momentum after Roy Adams, co-founder of U.S. investment firm Metronuclear, suggested in German business daily Handelsblatt that a merger could be the best option if Puma’s management fails to turn the company around. “Puma is in a state of emergency. If management cannot reverse the situation, a merger with Adidas is the best choice,” Adams said. A Puma spokesperson declined to comment, while an Adidas representative said the company “does not comment on market speculation as a matter of principle.”