Adidas Stops 2020 Buyback Program
March 31 2020 - 12:34PM
Dow Jones News
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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