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Nike-Asics takeover of Adidas 'utter nonsense' E-mail
Thursday, 06 December 2007

Adidas AG chief executive Herbert Hainer described recent rumours that rivals Asics and Nike Inc may be considering a joint takeover bid for the German sporting equipment manufacturer as 'utter nonsense'.

Adidas AG chief executive Herbert Hainer described recent rumours that rivals Asics and Nike Inc may be considering a joint takeover bid for the German sporting equipment manufacturer as 'utter nonsense'.

Shares in Adidas rose more than 3 percent on Monday on vague rumours that Asics and Nike might be mulling a 15.28 bln eur bid for Adidas.

 "There is the rumor that Asics and Nike are bidding for Adidas," one trader said, adding that the two companies would apparently together bid $15.28 billion for the German sporting goods maker. Adidas has a market capitalization of $13.5 billion. But another trader said he did not expect Nike to bid for Adidas and that Asics did not have the financial firepower on its own. A trader had described the speculation as a 'rehashed older rumour' at the time.

Hainer also told journalists late yesterday in Munich that the integration of the Reebok acquisition is now well under way after it was initially 'more difficult that we had imagined'.The projected cost synergies are progressing according to plan and the focus is now on 'revitalising the brand', he said and added that Reebok sales should rise next year.

Adidas shares rose as much as 3.4 percent to 47.00 euros and were up 1.7 percent at 46.24 euros by 1137 GMT, while Germany's DAX index .GDAXI was up 0.1 percent.

Adidas is the number two in the industry after Nike and a merger could prove to be problematic, industry sources said, as such a tie-up would most likely not get a green light from the relevant authorities. In October, Nike agreed to buy England kit maker Umbro in a deal that valued the British sportswear firm at 285 million pounds ($587.7 million).

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