BERLIN (Reuters) – German sports clothing maker Adidas AG (DE:) plans to promote or spin-off its underperforming Reebok model, 15 years after it purchased the U.S. health label to assist compete with arch-rival Nike Inc (NYSE:).
Adidas (OTC:) mentioned on Tuesday it had made up our minds to start a proper procedure aimed toward divesting Reebok as a part of a five-year technique it plans to offer on March 10, when the corporate will even submit 2020 effects. It’ll record Reebok as a discontinued operation from the primary quarter of 2021.
A banking supply mentioned the trade may well be value round 1 billion euros ($1.2 billion).
“Reebok and Adidas will have the ability to a lot better notice their enlargement attainable independently of one another,” Leader Government Kasper