ADIDAS LAUNCHES $1.9B RETURN PROGRAM

Adidas launched a $1.9 billion shareholder return program through to the end of 2017 in an effort to assuage disgruntled shareholders following a profit warning and dissatisfaction with the company's turnaround efforts.

FRANCE SELLS 1.9% ORANGE STAKE FOR EUR584M

The French government sold a 1.9% stake in the country's former telecommunications monopoly Orange in a private placement for 584 million euros or $736 million.

U.K. REGULATOR INVESTIGATES TESCO

The U.K. Financial Conduct Authority has notified Tesco that it has launched a full investigation into the U.K.-based supermarket's recent GBP250 million ($405.7 million) overstatement of expected profit.

UBM AGREES TO BUY ADVANSTAR FOR $972M

U.K. media company UBM said it has agreed to buy Advanstar Communications, a U.S. events company best known for producing the Magic Marketplace fashion event, for $972 million in cash.

EUROPEAN CAR MARKET SET FOR SLOW RECOVERY

The European car market will recover slightly in 2014 after bottoming out last year after five consecutive annual declines, the chief executive of Renault said.

ZALANDO STOCK DEBUT DISAPPOINTS

Online retailer Zalando SE's stock market debut was described as disappointing by analysts after the online retailer's shares swiftly shed their opening gains. The company raised EUR605 million ($765 million) from the IPO.

AMAZON.COM, DISNEY BACK AT PEACE

Amazon.com appears to be close to settling a nearly two-month dispute with Walt Disney during which the e-commerce giant stopped offering Disney DVDs for preorder.

SOFTBANK TO SELL SONY FLAGSHIP PHONE

SoftBank will carry Sony's latest smartphone, the two companies confirmed on Wednesday, possibly giving the heavily diversified electronics maker's struggling mobile business a lift.