Egyptian Billionaire Discloses 6% Stake In Adidas

The investment vehicle of Egyptian billionaire Nassef Sawiris disclosed that it obtained 6% of the voting rights in adidas AG, "reigniting speculation the German sports brand has become the target of activist investors," according to Eyk Henning of the WALL STREET JOURNAL. Sawiris, part of Egypt's richest family, "has a history of engagement in companies he holds a stake in via his investment vehicle NNS Holding Sàrl." Based on the disclosure, NNS is adidas' largest investor, "followed by funds managed by BlackRock Inc. and Mason Hawkins' Southeastern Asset Management Inc." Adidas "had been rumored to be a target for activist investors since late last year after it posted its third profit warning in less than one year" (WSJ, 10/30).