Nassef Sawiris, the Egyptian billionaire whose investment fund directly and indirectly controls 6 percent of voting rights in Adidas, told Reuters that he wants “constructive dialogue” with the German company. Herbert Hainer, the group's chief executive, said in a conference call earlier this month that Adidas was always open to discussions with investors who could help. Another investor who reportedly emerged with a stake of 3 percent is Albert Frère from Belgium. Adidas shares declined sharply last year due to its issues in Russia and in the golf market. However, the shares have swung back up, gaining more than 50 percent since the start of this year. They got another push earlier this month from the group's quarterly performance and upgraded guidance for sales and profits for the full year, as reported in our previous issue.

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