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Adidas all set to acquire Reebok

21 Jan '06
1 min read
German sporting goods firm Adidas-Salomon, number two in the sports goods market, is all set to buy Reebok, in a deal worth $3.8 billion.

This deal would make its position stronger in the United States by closing the gap with top rival Nike.

European competition authorities are likely to approve the deal by Tuesday next week, a source familiar with the situation said on Thursday.

The acquisition deal has been cleared by the US antitrust authorities which would create a company with combined sales of around $11 billion.

German firm will benefit as Reebok the world's third-largest maker of sporting goods, has a stronger position than Adidas in the United States.

After the deal gets approval by European Commission, Reebok shareholders will meet on Wednesday for the acquisition.

Adidas has said it would buy all outstanding Reebok shares for $59 each after Reebok's board agrees to the deal.

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