Reuters
Jun 15, 2009
US fund becomes one of Adidas' top shareholders
Reuters
Jun 15, 2009
FRANKFURT, June 15 (Reuters) - U.S.-based Euro Pacific Growth Fund has emerged as one of the biggest shareholders in Germany's Adidas (ADSG.DE), the world's second-largest sports goods maker said on Monday 15 June.
Adidas Climacool |
Euro Pacific now holds 5.01 percent of the votes in Adidas and is along with Capital Research and Management Co the largest shareholder in the Herzogenaurach-based group.
Euro Pacific's stake had risen above 3 percent in January.
Adidas shares rose as much as 2.2 percent and were up 0.4 percent at 26.97 euros by 1421 GMT, leading the gainers in Germany's blue-chip DAX index which was down 2.5 percent.
"News on Adidas has been quite positive recently and the soccer World Cup is moving into focus," a trader said, referring to a newspaper article in which Adidas Chief Executive Herbert Hainer said the company was making significant progress in restructuring its U.S. brand Reebok.
"News that a fund has raised its stake also helps," the trader added.
The soccer World Cup takes place in South Africa next year. (Reporting by Eva Kuehnen; Additional reporting Kirsti Knolle; Editing by David Holmes)
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