French luxury group Pinault-Printemps-Redoute (PPR) formally presented its equity  value €5.3 billion ($7.1 billion) offer Monday for the German sportswear company Puma AG.

PPR is offering €330 in cash per Puma share through its subsidiary Sapardis, some 24 percent more than the sum mentioned when takeover rumors first surfaced on April 3, but €2.75 less than the market price at the start of trading on Monday.

PPR, owner of the Gucci and Yves Saint Laurent fashion brands, had already bought a 27.1 percent stake in Puma from German billionaires Guenter and Daniela Herz for €1.4 billion in mid-April.

"Our compelling offer enjoys the full support of the management team and represents a unique opportunity for all Puma shareholders. On the heels of our acquisition of a 27.1% controlling stake at a price of €330 per share, we are offering all other Puma shareholders the same terms," said François-Henri Pinault, Chairman and CEO of PPR.

The offer is conditional upon merger control clearance by EU and US competition authorities.