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Adidas-Salomon & Reebok BOD declares agreement to create €9 bn

03 Aug '05

8 min read

“They have long respected Paul Fireman and his team for what they have accomplished at Reebok, and they expect them to be an important part of our Group as they bring these two world class organizations together,” Herbert Hainer continued. “They are pleased to welcome them to the adidas family. Their experiences and insights will play a central role in the continued development of the new Group both in North America and internationally.”

“adidas is the perfect partner for Reebok,” said Paul Fireman, Reebok Chairman and CEO. “With adidas, they are able to offer an enhanced portfolio of global brands that truly addresses the needs of today's and tomorrow's consumers. As an aspirational global sports performance and lifestyle brand, Reebok's mission is to enroll global youth through sports, music and technology.

This complements adidas's mission to be the leading sports brand in the world with a focus on performance and international presence. This transaction provides their shareholders with good value for their shares and their employees with an opportunity for an even more exciting future. I am thrilled by the opportunity to work with Herbert Hainer and the adidas team in their endeavour to take both brands to the next level.”

Strategic and Financial Benefits of the Transaction

adidas believes that the complementary nature of the two businesses in various geographies, products and consumer segments provides a significant opportunity for increased value creation. The combination will enable the Group to generate substantial cost savings as well as incremental revenue and profits from more complete coverage of all consumer segments. Given the solid management teams at both companies, adidas expects to realize the benefits of this transaction quickly and efficiently following the transaction's close.

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