October 22, 2020
FRANKFURT/MUNICH (Reuters) – Adidas <ADSGn.DE> is planning to sell its long-struggling Reebok division, Germany’s manager magazin reported on Thursday.
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 https://www.reuters.com/article/us-adidas-reebok-idUSKBN1871JH called on management to dispose of Reebok, impatient with the lack of progress to turn around the business.
Adidas bought Reebok in 2005 for $3.8 billion.
(Reporting by Christoph Steitz and Alexander Huebner; editing by Thomas Seythal)
