Mar 10, 2017
Week in Review, March 11
The US group's offer valued shares in Akzo Nobel at €83 each and comprised €54 in cash and 0.3 PPG stock, representing a 29 per cent premium to the Amsterdam-based group's undisturbed share price. SoftBank is to sell 25 per cent of Arm Holdings, the UK technology company it acquired last year, to a Saudi-backed investment fund that the Japanese group also manages, writes Arash Massoudi in London. The new chief executive of Adidas raised the German sportswear group's sales and earnings targets this week as he bids to close the gap on arch rival Nike, writes James Shotter in Frankfurt. After Adidas made a strong start towards those goals - boosting sales by 14 per cent to €19.3bn and net earnings by 59 per cent to €1.bn in 2016 - Mr Rorsted said that the group would now target average annual sales growth of 10-12 per cent, and annual profit growth of 20-22 per cent over the period. Last year, the group put its TaylorMade golf business up for sale, and this week, Mr Rorsted said that Adidas would now also seek to sell its CCM ice hockey marque.
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