JUNE 12 — Adidas shares fell 1.5 per cent today on expectations that one of the German sportswear firm’s top shareholders, Groupe Bruxelles Lambert (GBL), was preparing to sell a portion of its stake, three traders said.

Belgian investment firm GBL was placing a tenth of its 7.5 per cent holding, or 1.37 million shares, at €257.75 (US$292.11) on the market for sale, a 1.7 per cent discount to yesterday’s closing price, the traders added.

GBL and Adidas, whose shares hit record highs yesterday, were not immediately available for comment.

At 0801 GMT, Adidas shares were down 2 per cent at 256.9 euros and lagging the broader DAX index, which was down 0.3 per cent.

GBL, founded by Belgium’s richest man Albert Frere, who died in December at the age of 92, first invested in Adidas in 2015 with the purchase of a 3 per cent stake.

GBL also holds stakes in some of Europe’s biggest companies, including Pernod Ricard, LafargeHolcim and Total. — Reuters