Adidas not approached by activist investors — CEO

MUNICH: Adidas, which has hired advisers to help fend off any potential hostile takeover bid, said it had not been approached by activist investors seeking to build a stake.

Germany’s Manager Magazin reported last September that hedge funds were considering taking a stake in the world’s second-largest sportswear company to push for sweeping changes, including the removal of Chief Executive Herbert Hainer and the possible spin off of fitness brand Reebok and golf business TaylorMade.

“Nobody has approached us because they want to buy the company or buy a large number of shares,” Hainer told journalists at an event at an adidas showroom in Munich. Adidas shares tumbled 38 per cent last year as the company was hit by falling golf sales and its heavy exposure to Russia.