Adidas to sell Reebok — report

FRANKFURT/MUNICH : Adidas is planning to sell its long-struggling Reebok division, Germany’s manager magazin reported today.

The group plans to complete the sale by March 2021, the magazine said, without citing sources.

Adidas declined to comment.

Shares in Adidas jumped on the news and traded 3% higher at 1039 GMT.

Investors have repeatedly called on management to dispose of Reebok, impatient with the lack of progress to turn around the business.

Adidas bought Reebok in 2005 for US$3.8 billion.

By : Christoph Steitz & Alexander Huebner – REUTERS

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