Sportswear company Puma's biggest shareholder Mayfair has rebuffed rumours that it plans to buy a majority stake in the business.

Mayfair, the investment vehicle of Guenter and Daniela Herz, rejected press speculation that they may launch a bid for the company that they currently have a 25% hold in.

Puma, which recently upped its earnings prediction, plans to take over market share from its bigger competitors Nike and adidas.