The Adidas Group confirmed last week that a package of convertible bonds issued in 2003 had been fully converted, generating about €400 million. The company has therefore issued nearly 15.7 million new shares, slightly diluting its 193.5 million shares outstanding before the transaction. The new shares will be entitled to dividends from the beginning of the current fiscal year. Adidas will use the proceeds to reduce its net debt by about €400 million and to increase its equity by the same amount. This will enable to the company to reach its medium-term target of a financial leverage below 50 percent a little ahead of the self-imposed deadline set at the end of this year.