Kering to spin off Puma to its own shareholders

FRANKFURT/LONDON (Reuters) - Gucci-owner Keringplans to spin off German sports brand Pumato the French conglomerate's shareholders as it sharpens the group's focus squarely on its luxury brands.Kering said it planned to distribute 70 percent of Puma shares in kind to its investors, leaving it with only a 16 percent stake in the sportwear group, confirming an exclusive Reuters report.Puma shares were down 4.4 percent at the close, with Kerindown almost 1 percent.