Como se combate o populismo? "Com eleições", responde Fukuyama

[heterocedastico]

À poucos dias no dia de anúncio de resultados, a Puma divulgou um plano ambiocioso de competir com os grandes players do mercado sendo que a primeira etapa seria ultrapassar a Reebok. Objectivos não tão irrealistas se tivermos em conta o desempenho dos últimos anos da empresa. No sector, a Puma é agora a empresa com o per mais baixo... Estará apetecível para a Nike?

[Jameson]

os lucros relativos ao 2º trimestre da Adidas, apresentados tb hoje, superaram as estimativas

[JCS]

A Reebok tinha fechado ontem a $43,95 quando foi anunciada a sua venda à Adidas. A Reebok encontra-se a subir cerca de 30% para os $57,00 sendo a oferta da Adidas de $59,00/acção. Até a compradora sobe cerca de 8% para os €154,44 o que demonstra que o negócio foi encarado pelo mercado como positivo para ambas as partes.

Cumprimentos

JCS

[Jameson]

Adidas to buy Reebok for $3.8 billion

By MarketWatch
Last Update: 4:06 AM ET Aug. 3, 2005
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LONDON (MarketWatch) -- German athletic-apparel maker adidas-Salomon AG has agreed to buy U.S. rival Reebok International Ltd. in a $3.8 billion deal.

The merger of adidas (DE:500340: news, chart, profile) and Reebok ](RBK: news, chart, profile) will create $9.6 billion-a-year company that would challenge industry leader Nike Inc. (NKE: news, chart, profile)

Adidas is paying $59 a share for Reebok, a 34% premium over Reebok's $43.95 close Tuesday.

Adidas-Salomon shares fell 0.3%, curbing sharper losses at the start of German trading.

"This is a once-in-a-lifetime opportunity to combine two of the most respected and well-known companies in the worldwide sporting goods industry," said Herbert Hainer, chairman and chief executive of adidas-Salomon.

Added Paul Fireman, chairman and CEO of Reebok: "With adidas, we are able to offer an enhanced portfolio of global brands that truly addresses the needs of today's and tomorrow's consumers."

Paul and Phyllis Fireman hold 17% of Reebok and are voting in favor of the deal.

Adidas said the deal will lift earnings in the first full year after closing. It sees 125 million euros ($150 million) in annual cost savings by the third year after closing.

Adidas said it doesn't expect significant job cuts, and Reebok will continue to be based in Canton, Mass., with Fireman as chief executive.

The deal will have to pass muster with antitrust regulators in Europe and the U.S.

An adidas takeover of Reebok doubles the combined group's share of the U.S. athletic shoe market to about 20%, the Financial Times said. Nike has an estimated 50%.

Ingbert Faust, an analyst at German broker Equinet, said the deal will create a number of uncertainties but seems to work.

"At first glance, we believe the potential positive effects outweigh the risks of the deal," he said.

Separately, adidas reported that second quarter net income jumped 48.5% to 67 million euros, with sales up 8.2% to 1.52 billion euros. It also reiterated its 2005 earnings forecast.

Merrill Lynch advised adidas-Salomon, and Credit Suisse advised Reebok.