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Article: Pentland to buy stake in Adidas' German parent. (Pentland Group PLC to invest in Bernard Tapie Finance SA, the German holding parent company of Adidas AG) (Brief Article)
- Article from:
- Footwear News
- Article date:
- August 19, 1991
- Author:
CopyrightCOPYRIGHT 1991 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pentland to buy stake in Adidas' German parent
LONDON (FNS) - Pentland Group PLC, which earlier this year reduced its stake in Reebok to 13 percent, last week agreed to acquire more than 25 percent of the German holding company that controls 95 percent of Adidas AG with hopes of eventually wresting majority control.
The stake would cost Pentland as much as 230.5 million German marks ($134 million) following a capital reorganization of the holding company, Bernard Tapie Finance (BTF) SA. Tapie Finance said the capital increase would allow it to make payments on the debt it acquired in buying Adidas one year ago.
Pentland said it had subscribed for a ...