Sneakers

Adidas could conclude Reebok takeover early

Adidas could conclude Reebok takeover early: An Adidas spokesman said on Tuesday Reebok had scheduled a key general meeting to obtain shareholders' approval for the deal on Jan. 25.

He added that the regular antitrust review of the European Commission, which has to approve the deal, ends one day before this date, suggesting the main hurdles could be cleared by then.

European antitrust authorities can, however, extend their review by two weeks anytime before the deadline or start an in-depth review lasting about three months if complicated issues come up.

U.S. antitrust authorities approved the takeover in autumn.

The spokesman reiterated that Adidas expected the takeover to be closed in the first half of 2006. The German firm has pledged to buy the outstanding Reebok shares for $59 per share, for which it raised 648 million euros ($777 million) through a capital increase to help finance the deal.

posted by Eugen @ 10:01 AM