Adidas-Salomon Completes Reebok Deal
From Bloomberg News
Adidas-Salomon closed the acquisition of Reebok International Ltd. and said Reebok Founder and Chief Executive Paul Fireman stepped down. The company also said the purchase would begin adding to earnings in fiscal 2007.
Fireman will become an advisor to Adidas CEO Herbert Hainer, the Herzogenaurach, Germany-based company said. Adidas will keep Reebok’s headquarters in Canton, Mass.
Adidas bought Reebok for $59 a share, or $3.8 billion, to challenge Nike Inc.
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