(Reuters) – Adidas shares fell 3% on Wednesday on news that one of the German sportswear company’s top shareholders, Groupe Bruxelles Lambert (GBL), was preparing to sell a portion of its near 4 billion euro ($4.5 billion) stake, three traders said.
Belgian investment firm GBL was placing a tenth of its 7.5% holding, or 1.37 million shares, at 257.75 euros on the market for sale, a 1.7% discount to Tuesday’s closing price, the traders added.
Sale - Euros
The sale is worth 353.1 million euros.
GBL and Adidas, whose shares hit record highs on Tuesday, declined to comment.
Adidas - Midst - Share - Buyback - Euros
Adidas is in the midst of a share buyback, planning to repurchase 3 billion euros in stock between March 2018 and May 2021, which has gradually pushed up GBL’s relative stake.
Adidas share price has more than doubled since...
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