Egypt’s richest man snaps up 6% stake in Adidas
Egyptian billionaire Nassef Sawiris has raised his stake in Adidas to 6 percent, making him the biggest shareholder in the German sportswear retailer.
A statement from the Stuttgart bourse said one of Sawiris’ investment vehicles, NNS Holding, now owns 4.3 percent in Adidas, while Sawiris himself holds a direct 1.7 percent stake, according to reports from Bloomberg and Wall Street Journal.
The disclosure is required after an investor crosses a 5 percent threshold in a listed company.
Sawiris is now Adidas’ biggest shareholder, followed by funds managed by BlackRock Inc and Mason Hawkins’ Southeastern Asset Management Inc.
Nassef Sawiris is Egypt’s richest person with a net worth of $5.5 billion, according to Forbes.
He also runs Orascom Construction Industries (OCI), the Egyptian subsidiary of Dutch company OCI NV, and last year set up a private equity fund, Nile Holdings Investments (NHI), which targets buyout opportunities in Egypt.
Adidas’s shares have risen 41 percent this year, contrasting with 2014 when stock fell 38 percent. Its spokesman Jan Runau told Bloomberg Adidas “has a constructive dialogue with current and potential investors and welcomes every new shareholder.”