Adidas has announced the start of the second tranche of a multi-year share buyback program launched last March. The group plans to repurchase around €800 million worth of its own shares during 2019. It already spent last year €1 billion to buy back 5.1 million shares, corresponding to 2.5 percent of its equity, at an average price of €196.45 per share. The current program calls for share purchases of up to €3 billion through May 2021, complementing the group's policy of paying annual dividends representing between 30 and 50 percent of its net income from continuing operations. The majority of repurchased shares is set to be cancelled.