Beruflich Dokumente
Kultur Dokumente
Introduction
On August 03, 2005, Adidas-Salomon AG (Adidas), Germanys largest sporting goods
maker announced acquisition of the US-based Reebok International Limited (Reebok) for
$3.8 billion. The share prices of both the companies recorded an increase on the day of the
announcement of the deal. The share price of Adidas increased by 7.4% from 147.52 on
August 02, 2005 to 158.45 on August 03, 2005 on the Frankfurt stock exchange, while
Reeboks share price at the New York Stock Exchange rose to $57.14 on August 03, 2005,
an increase of 30% over the August 02, 2005 share price of $43.95 (Refer Exhibit I for
share price movement of the two companies). The deal would result in the union of two
cutthroat competitors through a friendly takeover.
2
3
4
5
Darren Rovell, Reebok, Adidas Have Plenty of Issues to Solve, www.ESPN.com, August
03 2005.
Press Release, www.adidas-salomon.com, August 04, 2005.
The Merger of Titans, November 2005, Effective Executive, IUP India.
Ries and Ries is a business consultancy, based in Atlanta, Georgia.
Laura Petrecca and Theresa Howard, Adidas-Reebok Merger Lets Rivals Nip at Nikes
Heels, www.usatoday.com, August 04, 2005.
NPD group founded in 1967 provides sales and marketing information such as consumer
trends, sales and marketing information for a diverse range of industries.
275
Exhibit I
Share Price Movement of Adidas-Salomon AG, August 2005
Source: www.newsvote.bbc.co.uk
Source: www.newsvote.bbc.co.uk
Adidas and Reebok claimed that the merger was decided upon because of the
realization that their individual (company) goals would be best accomplished by
joining instead of competing. Nike International Inc. (Nike) was the common
competitor for both Reebok and Adidas.
Analysts said that the merging companies were alike in many ways. Both the
companies had a reputation of using cutting-edge technologies to produce innovative
products and both had eminent brand ambassadors from the sports and entertainment
worlds. Thus, the merger would help spreading the global appeal of the brands in places
where they had not made a mark as individual brands.
However, some analysts had doubts about the success of the merger of the companies.
They cited that the merger would not generate much synergy because the individual
brand identities would be maintained even after the merger. Analysts also doubted the
effectiveness of the merger, as a strategy to beat Nike. They felt that the combined
entity would have to work really hard to further expand its market share in the US
market and globally.
Background Note
Adidas
The story of Adidas dates back to the year 1920 when Adolf Dassler (Adi) produced a
handmade shoe fitted with black spikes. On July 01, 1924, Adi and his brother Rudolf
Dassler (Rudolf) started a company under the name Dassler Brothers OHG. In the
year 1927, the company enhanced its capacity by taking on a new factory on lease.
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The companys shoes made their debut at the 1928 Olympics in Amsterdam. In 1930,
the brothers purchased the factory and named it Dassler Brothers Sports Shoe
Factory. The company introduced tennis shoes in 1931. In the year 1935, the
turnover of the company exceeded 400,000 Reichsmark7. In 1938, a second
production facility was bought in Herzogenaurach, Germany.
In 1948, the brothers decided to part ways. By August 18, 1949, Adidas was registered as a
company -Adi from Adolf and Das from Dassler. Adi registered the Three Stripes8 as
his official logo. Rudolf set up another sporting goods company named Puma.
In 1956, Adis son Horst Dassler (Horst) promoted Adidas strongly during the
Olympic Games at Melbourne. He also signed a licensing agreement with the
Norwegian Shoe factory, located in Gjovik, Norway. In 1959, Horst was assigned the
job of establishing production facilities in France. A factory in Schweinfeld, Germany
was started in the same year. In 1960, Adidas was the dominant brand at the Olympic
Games held in Rome; 75% of the track and field athletes used Adidas shoes. Adidas
stepped into the production of apparel and balls (soccer balls, basketball balls) in 1961
and started manufacturing track suits in 1962.
The company launched its first jogging shoe called, Achille in 1968. The Trefoil
Logo was introduced in 1972 (Refer Exhibit II). The essential feature of the logo was
three leaves representing the Olympic spirit, joining the three continental plates. The
company used the achievements of the famous sportspersons like Muhammad Ali
(boxing), Jesse Owens (athletics) and Franz Beckenbauer (soccer) for promoting the
brand. In 1975, Adi became a member of the National Sporting Goods Association
(NSGA)9 and the first non-American to enter the NSGA Hall of Fame. Adi passed
away in 1978 and his family began to oversee the business, which by then produced
45 million pairs of shoes in a year.
Source: www.adidas-salomon.com
7
The Reichsmark was the currency in Germany from 1924 till June 20, 1948. In 1948, it was
replaced by the Deutsche Mark in West Germany and by the East German Mark in East
Germany.
The Three Stripes were originally developed as a means to stabilize the mid-foot. Adidas apparel
and shoe designs featured three parallel stripes of the same color, and it became the official logo
of the company.
The NSGA was founded in 1929 in New York City, by a group of sporting goods
distributors. The mission of NSGA is to help its members to profit from a competitive
marketplace.
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Products
Important Brands
Footwear
Apparel
Adidas, Salomon,
ArcTreyx, Bonfire
Equipment
Adidas, Salomon,
ArcTreyx, Clich,
Maxfli, Taylormade Golf,
Mavic
Source: www.adidas-salomon.com
10
11
12
13
14
15
Tapie was a minister of Urban Affairs in the French Government and he was well-known
for rescuing bankrupt companies.
Credit Lyonnais is a French bank founded in 1863 by Henri Germain.
The Paris Stock Exchange is the second largest stock exchange in Europe. It is called as La
Bourse de Paris. It is a part of Euronext, a European Stock Exchange with subsidiaries in
Belgium, France, Netherlands, Portugal and United Kingdom.
The Frankfurt Stock Exchange is located in Frankfurt, Germany. It is called the Deutsche
Borse and is the largest of eight German exchanges.
Salomon Group founded in 1947, is a French-based worldwide leading producer of ski, golf,
and winter sports equipment headquartered in Annecy, France. Its brands include Salomon,
Mavic, Bonfire, Clich, ArcTrex, Taylormade, Firesole clubs, Salomon-in-line skates, etc.
The group was sold to Finland-based Amer Sports Corporation for 485 million in May
2005. The deal was expected to be completed by September 2005, pending an approval in
several countries.
DAX is an acronym for Deutscher Aktienindex. It is a German stock performance index that
tracks the performance of 30 top German stocks.
278
2004
2003
2002
2001
2000
6,478
6,267
6,523
6,112
5,835
Net Income
314
260
229
208
182
Basic earnings
per share ()
6.88
5.72
5.04
4.60
4.01
Diluted earnings
per share ()
6.54
5.72
5.04
4,427
4,188
4,261
4,183
4,018
863
1,225
1,574
1,570
1,617
1,628
1,356
1,081
1,015
815
Net Sales
Total assets
Long-term debt
Stockholders
equity
Reebok
The history of Reebok can be traced back to Joseph William Foster (Foster) who
founded J.W.Foster and Sons in the United Kingdom in the 1895. Foster
manufactured the first ever shoes with spikes to help athletes run faster. The spiked
shoes had their debut on the track in the 1924 (Summer) Olympic Games.
In 1958, two of Fosters grandsons started a company and named it Reebok
International. Reebok was a type of African gazelle 16. In 1979, Reebok International
secured distribution rights in the US, allowing it to sell its shoes in North America
through Paul Fireman (Fireman). Fireman was then an associate in the outdoor
sporting goods distributorship of the company. Later, the same year, Fireman formed
a company called Reebok USA Limited.
In the early 1980s, Reebok International marketed its products through a large
association of independent and owned distributors. By the end of 1981, Reeboks
sales surpassed $1.5 million. In 1982 the worlds first athletic shoe specifically for
women was launched; it was called Freestyle. In 1984, Reebok International and
Reebok USA limited merged and Reebok International Limited was formed. In 1985,
Reeboks sales reached $307 million. Reebok came out with its Initial Public Offering
(IPO) the same year. Stock issued to the public at $6, rose to $38 by 1986. In 1986,
Fireman became the chairman of the company.
Reebok made a series of acquisitions in the late 1980s. It purchased the Rockport
Company17 in 1986, Avia Group International 18 in April 1987 and Ellesse
International S.P.A.19 in September 1987. In 1989, it acquired CMIs Boston Whaler
16
17
18
19
African gazelles are small, swift antelopes characteristically having a slender neck and
annulate horns.
Rockport Company manufactured high-performance walking shoes.
Avia Group International was an Oregon-based athletic shoe company.
Ellesse International S.P.A. was an Italian manufacturer of sportswear and casual wear.
Reebok used the company as a distributor in Italy.
279
CMIs Boston Whaler manufactured and sold power boats for the US government and for
recreational use.
21
Pump Technology allowed an exact fit with the push of a button. Later the model was enhanced
to create the model Pump 2.0 which did not require shoelaces, did not absorb moisture and could
inflate by itself.
22
Through biomechanical research, Reebok studied the mechanics of a living body, especially
of the forces exerted by muscles and gravity on the skeletal structure. These studies helped it
to follow the movements of athletes during their activities and design various fitness
programs for them to remain healthy.
23
National Football League (NFL) is the largest and most popular professional American
football league comprising 32 teams. It was formed in 1920 as the American Professional
Football Association, and later adopted the NFL name in 1922.
24
Equipments included skates, sticks, helmets, protective equipment for shoulder, shin, elbow,
pants for games such as hockey and football. It also included fitness equipment.
25
Classics have a more contemporary look and appeal. The products included apparel products
such as Gridiron, Hardwood, and Traditional Classics.
26
National Basketball Association (NBA) was founded in New York on June 06, 1946, as the
Basketball Association of America. It is the worlds premier mens professional basketball
league. The name NBA was adopted in 1949.
27
Indy Racing League (IRL) is the promoter of open-wheel racing series in the US and Japan. It
was initially owned by Hulman and Company but was later brought by Tony George in 1994.
280
its logo on race cars and other publicity programs of IRL. This made Reebok-IRL
products available at all IRL events, via online, and through selected outlets 28.
In January 2002, Reebok initiated a worldwide marketing drive, called the Sounds &
Rhythm of Sport. The campaign featured Reebok sponsored NBA, NFL, and tennis
players together with top performers in the music industry. In the same year, Reebok
also launched a product line called Rbk which was a collection of street footwear,
apparel and accessories for young men and women who valued style. In 2004, Reebok
made sales of $3.785 billion and profits of $192.4 million (Refer Exhibit V for
financial summary of Reebok). Its products were available in more than 170 countries.
The major brands were Ralph Lauren, Rockport, Greg Norman (Refer Exhibit VI for
product profile of Reebok).
2004
2003
2002
2001
2000
3,785,284
3,485,316
3,127,872
2,992,878
2,865,240
192,425
157,254
126,458
102,726
80,878
Basic earnings
per share ($)
3.26
2.65
2.12
1.75
1.42
Diluted earnings
per share ($)
3.05
2.43
1.97
1.66
1.40
2,440,628
1,989,742
1,860,772
1,543,173
1,463,046
460,753
353,388
353,454
351,307
358,828
1,219,956
1,033,710
884,570
719,938
607,863
Net Sales
Net Income
Total assets
Long-term debt
Stockholders
equity
Brand
Reebok
Rockport
Polo Sports,
Ralph
Lauren,
Classics
***
28
281
Product Lines
Wovens, Play Dry Winterknit Outerwear
and Sweaters collection for women
Hockey equipment and related apparel
Non-Hockey related equipment such as
alpine skiing and equestrian helmets.
Brand
Greg
Norman
Collection
CCM,
JOFA,
KOHO
***
$146 million
*** Both Ralph Lauren and Greg Norman together had sales of $209.8 million.
Source: www.reebok.com
29
30
Adidas
1949
Herzogenerauch,
Germany
Reebok
Nike
1895
1962
Canton,
Massachusetts
Beaverton,
Oregon
Converse was a US based shoe company founded in 1908. It went bankrupt in 2001 due to
new competitors who introduced radical designs into the market. Its brands included All
Star Chuck Taylor, Jack Purcell and Heritage.
The Hockey Company, a Montreal based company having its operations in Europe, and the
US, is the worlds biggest designer, manufacturer and marketer of hockey equipment and
related apparel. It had brands like CCM, JOFA and KOHO.
282
Particulars
Adidas
Reebok
Nike
Employees
17,000
9,102
24,667
Major Brands
Adidas, Salomon,
Mavic, Bonfire,
ArcTeryx, Adidas
Golf, Taylormade
Adidas Golf,
Maxfli
Reebok, Reebok
Classic, Rockport,
Rbk, Greg
Norman
Collection, The
Hockey Company
Hot Product
Intelligent shoe
with embedded chip
that conforms for
better support
Rapper Nellys
footwear and
athletic line
coming late 2005
Lance
Armstrongs 10/2
apparel line
introduced in
July
US athletic shoe
market share
8.9%
12.2%
36.3%
Global athletic
shoe market
share
15.4%
9.6%
33.2%
Annual Revenue
$7.9 billion
$3.8 billion
$12.3 billion
Annual Net
Income
$326.5 million
$192.4 million
$1.2 billion
Current Market
Capitalization
$8.9 billion
$2.6 billion
$16 billion
Source: Theresa Howard and Kelly Barry, How Adidas and Reebok stack up against Nike,
www.usatoday.com, August 04, 2005.
The Boston (U.S.)-based New Balance was founded by William J. Riley (Riley) in
1900s. The company made shoes which helped in correcting orthopaedic foot problems.
It produced Trackster in 1961 which became the first running shoe to feature a rippled
sole with multiple widths. The company was bought by Jim Davis in 1972. The
company sold its products under the brands New Balance, Dunham, PF Flyers, Aravon
and Warrior Lacrosse. The company had sales of $1.5 billion for the year 2004.
The German-based Puma was founded by Rudolf Dassler in the year 1948. The company
was converted into a corporation with its stock offered on the Munich and Frankfurt stock
exchanges in 1986. It was the first sports shoe manufacturer to use the vulcanization
method of production. It offered shoes with SPA technology, Velcro fasteners, Duoflex
sole and Inspector system made especially for children. The companys main brands are
Puma and Tretorn, distributed across 80 countries. Puma has endorsement deals with
popular sportsperson like Serena Williams (lawn tennis), Michael Schumacher (formula
one/auto race), Travis Pastrana (motor car race), and Vince Carter (basketball). Puma
recorded sales of 1,530.3 million and profits of 257.3 million for the year 2004.
The Merger
According to the merger deal, Adidas would buy all the outstanding shares of Reebok
at $59 per share in cash. This price represented a premium of 34.2%, as per the
closing share price of $43.95 on August 02, 2005. Adidas proposed to fund the
283
purchase through an arrangement of debt and equity. The deal price was equal to the
latest twelve month sales of Reebok and 11.7 times its EBITDA31. Some analysts felt
that the deal was priced too high. As Uwe Weinrich, an analyst at HVB Group 32
remarked, The price Adidas will pay for Reebok is ambitious. 33 He added that
acquisitions in the sporting goods industry rarely brought in good returns.
However, Adidas expected that the merger would make it stronger and would enhance
its shareholder value. Hainer said, We see a lot of benefits in combining these two
powerful companies. They both have strong identities and heritage, yet they
complement each other very well34. Hainer also said that the deal was not strictly
about dethroning Nike.
The merger was subject to approval by the shareholders of Reebok, the European Union
and the US Federal Trade Commission. Fireman and his wife Phyllis, who collectively
owned about 17% of Reeboks outstanding shares, agreed to vote their shares in favor of
the transaction. Adidas expected to close the transaction in the first half of 2006.
The Synergies
Both the companies claimed that their missions were complementary. As Fireman
remarked, Adidas is a perfect partner for Reebok. Reeboks mission is to enroll global
youth inclining towards the music-and-lifestyle image that it promotes through sports,
music and technology. This complements Adidass mission to be the leading sports brand
in the world, with a focus on performance and international presence. (Refer Exhibit VII
for mission statements of Adidas and Reebok).
31
32
33
34
EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization.
EBITDA is an approximate measure of a companys operating cash flow. This measure is of
interest to creditors as it is an indication of the income a company has free of interest
payments.
HVB Group is one of the five biggest banks in Europe and is the second largest quoted bank
in Germany. It has 2,062 branch offices with core markets in Germany, Austria and Central
and Western Europe. Its main businesses include European retail and mid-cap customer
business supplemented by customer-oriented capital market activities.
Adidas Paying $3.8 Billion for Reebok, www.smartmoney.com August 03, 2005.
Reebok Transaction and First Half Year Results 2005 Financial Results Presentation,
www.adidas-salomon.com, August 03, 2005.
284
Contd
Reebok Transaction and First Half Year Results 2005 Financial Results Presentation
www.adidas-salomon.com August 03, 2005.
285
scale. It would be able to concentrate on certain key issues and gain synergies in sales,
distribution and information. I see the synergies very quickly outweighing the
costs,36 said Robin Stalker, Chief Financial Officer, Adidas.
The companies felt that the major driving force behind the merger was greater sales
growth rather than just cost savings. The annual sales of the combined group after
merger was predicted to be $11.7 billion. Fireman noted that post merger, the merged
entity would be in a better position to compete with Nike, which had sales of $12.3
billion in 2004 (Refer Exhibit VIII for financial summary of Nike).
2004
2003
2002
2001
2000
12,253.1
10,697.0
9,893.0
9,488.8
8,995.1
945.6
474.0
663.3
589.7
579.1
Basic earnings
per share ($)
3.59
2.80
2.50
2.18
2.10
Diluted earnings
per share ($)
3.51
2.77
2.46
2.16
2.07
7,891.6
6,821.1
6,4443.0
5,819.6
5,856.9
682.4
551.6
625.9
435.9
470.3
4,781.7
3,990.7
3,839.0
3,494.5
3,136.0
Net Income
Total assets
Long-term debt
Stockholders
equity
Adidas had only an 8.9% share of the US market. Although the company was doing
well in Europe and Asia, it was not making much progress in North America
compared with Reebok. (Refer Table II for comparison of geographic sales of Adidas
and Reebok). The acquisition was expected to give the companys products a strong
push in the US market because of the link with Reebok.
Table II: Geographic Sales Comparison of Adidas and Reebok for 2004
Adidas
Sales (in mn )*
Reebok
Sales (in mn $)
Europe
3,470
US
2,069
North America
1,486
UK
475
Asia
1,251
Europe
810
224
Others
431
Latin America
286
38
39
40
41
42
43
44
45
46
The investment banking arm of the German retail bank Dresdner Bank owned by Allianz
Group. It mainly operates from its European bases in London and Frankfurt. It has 30
worldwide offices and is renowned for its expertise in the debt capital markets.
Jennifer Letki, Adidas to Buy Reebok; 2Q Net Profit Rises 50%,
www.news.morningstar.com,
August 03, 2005.
Commerzbank AG is Germanys third-largest bank after Deutsche Bank and HypoVereins bank.
Jennifer Letki, Adidas to Buy Reebok; 2Q Net Profit Rises 50%,
www.news.morningstar.com, August 03, 2005.
A California-based consultancy found by George Whalin which provides business-building
services to retail companies and industry suppliers across North America.
Laura Petrecca and Theresa Howard, Adidas-Reebok Merger Lets Rivals Nip at Nikes
Heels, www.usatoday.com, August 04, 2005.
Adidas_1 was called the worlds first intelligent shoe. It was a shoe which could sense and
understand each and every step with changes in speed and surface conditions through a
microprocessor. It was developed to get a perfect level of cushioning at all times.
A3 uses the Energy management technology using the polyurethane components which
helps in efficient cushioning. It uses the Torsion system for giving stability and control to
the midfoot. The technology enables maximum possible shock absorption.
ClimaCoolTM is a technology that uses fabrics and ventilation systems to keep a person cool,
dry and comfortable during a workout.
Pump 2.0 was an advancement of the Pump Technology used by Reebok. The athletic
shoes were self inflating and self regulating, providing the consumer with a custom fit.
287
As far as sports sponsorships were concerned, analysts felt that the deal would allow
Adidas to have access to Reeboks licenses in the NFL and NBA in the US, as it had a
substantial share in the US market and had supply deals with all the major sports
leagues. As Hainer remarked, This portfolio will present us in all the major sport
categories around the world. Reebok is extremely strong in the American sports like
NFL, NBA - and Adidas is very strong in the FIFA World Cup, the Olympic Games
and the European Champions League. They are strong in America; we are strong in
Asia and Europe.48 (Refer Exhibit IX for sponsorship deals).
Nike
Sports
Soccer, Basketball,
Golf, Athletics,
Cycling
Confederations
Brazil Soccer,
Manchester United
(Soccer)
Teams
Events
Athletes/players
48
DMX is a technology used by Reebok for shoe cushioning which gave strong support to the
heel. The shoes were more popular with runners than with other sportspersons.
Associated Press, Adidas to Buy Reebok for $3.8 Billion, www.forbes.com, August 03,
2005.
288
Particulars
Endorsements
(Entertainment)
Nike
Adidas was being promoted by celebrities like David Beckham (Soccer player), Andre
Agassi (tennis player), and Missy Elliott (rapper). Reebok used Yao Ming (basketball
player), Allen Iverson (basketball player), Jay Z (rapper), 50 Cent (rapper) and Nelly
Furtado (singer) to revitalize its youth appeal. According to analysts, Adidas would
benefit hugely from using Reebok endorser Yao Ming to further expand its business in
China. Hainer said, Yao is with Reebok at the moment, but there may be a time when
he will be helpful for both brands. 49
Integration Issues
Adidas said the companies would grow as a combined entity but would retain separate
management. The companies also ruled out any workforce reductions. The new entity
would continue to have separate headquarters and their individual sales forces.
The companies would also keep most of the distribution centers independent and
would have separate advertising programs for their brands. Hainer said, The brands
will be kept separate because each brand has a lot of value and it would be stupid to
bring them together. The companies would continue selling products under respective
brand names and labels.50 Adidas declared that the deal would involve investment in
both Adidas and Reebok. These investments would guide the companies towards
effective consolidation.
Some analysts warned that repositioning the two brands would be a difficult exercise.
As John Barker, president, DZP Marketing Communications said, The real challenge
is in marketing brands which are indeed competitors. The real danger may be in trying
to reposition one brand or another to not compete. ... Both brands could be diluted in
the process.51 Analysts were concerned that Adidas would have to support two
separate brand identities when rival Nike was intensely focused on a single identity
represented by the Swoosh logo (Refer Exhibit X for the logos of Adidas, Reebok
and Nike). Most people probably don't know what the Adidas logo looks like. But
49
50
51
Adidas C.E.O. Herbert Hainer & Reebok C.E.O. Paul Fireman Share Their Game Plan,
www.finance.lycos.com, August 08, 2005.
Press Release Reebok Transaction and First Half Year Results 2005 Financial Results
Presentation, www.adidas-salomon.com, August 03, 2005.
Laura Petrecca and Theresa Howard, Adidas-Reebok Merger Lets Rivals Nip at Nikes
Heels, www.usatoday.com, August 04, 2005.
289
everybody knows what the Swoosh is. It's a tough problem they face and I don't see
how Reebok helps Adidas with that problem 52, said Jack Trout, a veteran sports and
marketing consultant. However, marketing guru, Al Ries, (Ries and Ries Consulting)
felt that Adidas would in fact get strong leverage with Reebok. He remarked, Short
term, there are going to be problems putting the two brands together. But in the long
term, Adidas will be strengthened.53
Exhibit X:
The Swoosh Logo of Nike
Source: www.nike.com
Source: www.adidas-salomon.com
Contd...
52
53
290
Contd...
Reebok Logo
56
57
58
291
59
60
61
292
2.
3.
After Reebok-Adidas
www.usatoday.com,
August 09, 2005.
4.
5.
6.
Press Release, Reebok Transaction and First Half Year Results 2005
Financial Results Presentation, www.adidas-salomon.com, August 03,
2005.
7.
8.
9.
deal,
US
shoemaking
paying
$3.8
hangs
billion
by
for
Reebok,
a
lace,
Reebok,
10.
Daisuke Wakabayashi, Adidas, Reebok eye sales growth, not just cuts,
www.business.com, August 10, 2005.
11.
12.
13.
14.
Three stripes and youre out as rivals target Adidas design, www.ft.com,
July 04, 2005.
15.
16.
17.
Laura Petrecca and Theresa Howard, Adidas-Reebok merger lets rivals nip
at Nikes heels, www.usatoday.com, August 04, 2005.
18.
19.
20.
Reebok-
FT,
293
21.
22.
23.
24.
25.
Reuters,
Adidas
to
buy
www.economictimes.indiatimes.com,
August 04, 2005.
26.
27.
www.adidas-salomon.com
28.
www.reebok.com.
29.
www.centerformarketintelligence.com
30.
www.moneycentral.com
31.
www.answers.com
32.
www.forbes.com
33.
www.grainmarketresearch.com
34.
www.uk.finance.yahoo.com
35.
www.geocities.com
36.
www.today.reuters.com
37.
www.bigcharts.marketwatch.com
38.
www.finance.yahoo.com
39.
www.sgma.com
40.
www.aberdeen.com
294
maker
Adidas
Reebok
to
for
buy
Reebok,
$4
bn,