Artemis, the investment vehicle of France’s Pinault family, is reviewing strategic options for its 29% holding in Puma SE, including a full sale, according to people familiar with the matter. The deliberations, first reported by Bloomberg News, sent the German sportswear maker’s shares up as much as 20% in Frankfurt trading, their largest intraday gain since 2001, before settling about 18% higher. The Pinaults have engaged advisers and have approached potential bidders such as China’s Anta Sports Products and Li Ning, as well as unspecified U.S. rivals and Middle Eastern sovereign wealth funds, the people said. The stake is valued at roughly €800 million ($870 million) following Monday’s rally, while Puma’s market capitalisation has risen to about €3.3 billion. The family is expected to seek a significant premium and there is no certainty the discussions will lead to a transaction. Puma’s stock had lost roughly half its value over the past year, hurt by weakening consumer demand and concerns about the effect of U.S. trade tariffs. The takeover speculation reversed that slide, highlighting investor appetite for a turnaround at the 76-year-old brand. Artemis acquired the holding in 2018 when luxury group Kering spun off Puma to focus on high-end fashion. The investment has drawn scrutiny as Artemis faces elevated debt levels, though the company has said its liquidity position remains sound. Puma, which reported €281.6 million in net income on €8.8 billion in revenue last year, is attempting to revive growth under Chief Executive Officer Arthur Hoeld.