Luxury goods firm PPR could take a step closer to buying sportswear group Puma next month if the European Commission clears its EUR5.3bn (US$7.17bn) acquisition.

The commission's inquiry deadline has been set for 15 June, according to AFX News.

French group PPR, which already owns Gucci, purchased a 27.1% stake in Puma last month at EUR330 per share, and plans to make an offer for the remainder of the company at the same price. No rival offers have emerged and Puma's board welcomed the PPR bid.

PPR has said that upon EC clearance, it is expected that three representatives of PPR would succeed three members of the Puma supervisory board.

Puma announced on Monday (10 May) that its Q1 profit rose by 3.8%, but the German firm cut its full-year profit forecast on lower than expected orders.

Jochen Zeitz, CEO, said: "We're pleased to have started Q1 with continued growth despite difficult year-on-year comps.

"While the remainder of the year in terms of major sports events will certainly be challenging given our current order book, we continue to be fully focused on our long-term objectives."