Adidas slides as traders say top investor GBL plans to sell part of stake
Reuters
Published Jun 12, 2019 04:36AM ET
Adidas slides as traders say top investor GBL plans to sell part of stake
By Thyagaraju Adinarayan
(Reuters) - Adidas (DE:ADSGN) shares fell 1.5% on Wednesday on expectations that one of the German sportswear firm's top shareholders, Groupe Bruxelles Lambert (GBL), was preparing to sell a portion of its stake, three traders said.
Belgian investment firm GBL was placing a tenth of its 7.5% holding, or 1.37 million shares, at 257.75 euros ($292.11) on the market for sale, a 1.7% discount to Tuesday's closing price, the traders added.
GBL and Adidas, whose shares hit record highs on Tuesday, were not immediately available for comment.
At 0801 GMT, Adidas shares were down 2% at 256.9 euros and lagging the broader DAX index, which was down 0.3%.
GBL, founded by Belgium's richest man Albert Frere, who died in December at the age of 92, first invested in Adidas in 2015 with the purchase of a 3% stake.
GBL also holds stakes in some of Europe's biggest companies, including Pernod Ricard (PA:PERP), LafargeHolcim and Total.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.