Adidas halts €1B share repurchase program

Tuesday, 31. March 2020 20:01

Adidas AG revealed that it will not attempt to repurchase €1 billion worth of its shares due to economic concerns stemming from the coronavirus pandemic.

"After already temporarily suspending the 2020 tranche of its current multi-year share buyback program on March 17, immediately after retail closures across Europe and North America started to come into effect, the Executive Board decided today to formally stop the repurchasing of adidas shares for the remainder of the year. Consequently, the company will not deploy the amount of up to € 1.0 billion that was initially planned for the repurchase of own shares in 2020," the Europe's largest sportswear manufacturer said in a statement.

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Breaking the News / MS