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Adidas plans €3B stock buyback through 2021

Adidas AG will launch a share buyback program worth up to €3 billion through May 11, 2021.

The German sports apparel maker plans to buy back shares worth up to €1 billion in 2018.

The share purchase will be carried out under authorization granted at the annual general meeting in May 2016. The authorization allows repurchase of up to 10% of the company's share capital. The company plans to cancel a majority of the repurchased shares.