Shares in Puma jumped 10% on Wednesday, as traders responded to a media report suggesting that investors are preparing for a potential takeover of the German sportswear brand.

Germany's Manager Magazin reported that two investors were ready to acquire the 29% stake held by the French billionaire Pinault family, potentially opening the door to a full takeover.

Puma declined to comment on the report. A spokesperson for Artemis — the Pinault family’s holding company, which also controls Gucci -owner Kering — did not immediately respond to a request for comment.

The stock was the top performer on Europe’s STOXX 600 index on Wednesday.

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