Mike Ashley's Frasers takes near 6% stake in struggling sportswear brand Puma

March 5 (Reuters) - Billionaire Mike Ashley's Frasers FRAS.L has become the second-largest shareholder in sportswear brand Puma PUMG.DE after taking a near 6% stake in the German company, a filing revealed on Thursday.

Shares in Puma were up more than 6% as of 1140 GMT, while Frasers was marginally higher.

The German company, which suspended its dividend amid annual losses last week, has been struggling to capture market share amid stiff competition from legacy peers Nike NKE.N and Adidas ADSGn.DE as well as newer players like On Holding ONON.N.

Frasers has in the past used its minority shareholdings in companies as leverage to push for strategic changes, or encourage them to sell its products or adopt its services. It declined to comment on the shareholding.

The British company already has substantial investments in multiple retailers, including Debenhams DEBS.L, ASOS ASOS.L, and AO World AO.L.

Puma is a major supplier to Sports Direct, which accounts for the bulk of Frasers' profits.

The stake disclosure comes more than a month after China's biggest sportswear brand and Fila owner Anta Sports Products 2020.HK agreed to buy a 29% stake in Puma for 1.5 billion euros ($1.74 billion) from Kering PRTP.PA shareholder Artemis.

Anta had suggested it would seek a board seat at the German brand when it laid out plans to become the largest shareholder in January.

($1 = 0.8612 euros)