By Giulia Petroni 
 

Adidas AG said Tuesday that it halted its share-buyback program to preserve its financial flexibility due to the coronavirus crisis.

The German sporting-goods company said it won't deploy the amount of up to 1 billion euros ($1.11 billion) that was originally planned for the repurchase of its own shares in 2020.

"Considering the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak, the Adidas executive board decided to proactively adopt a conservative approach to liquidity management," the company said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 31, 2020 12:19 ET (16:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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