Chinese sports apparel company Anta Sports is among firms exploring a potential takeover of Puma, according to Bloomberg. Anta is reportedly working with an adviser to evaluate a potential offer and might partner with a private equity firm. Rival Li Ning has also begun preliminary discussions with banks. Deliberations are in early stages, and it remains unclear if any suitor will submit a formal bid. A significant hurdle is the valuation expectation of Puma’s largest shareholder, the French Pinault family’s Artemis, which owns a 29% stake. Puma’s market valuation is around 2.5 billion euros ($2.9 billion).