Adidas (ADDYY) Faces Tax Investigation in Germany

2 days ago

The German headquarters of Adidas (ADDYY, Financial) was raided as part of a multi-year tax investigation. Authorities are examining customs and tax regulations for products imported into Germany from October 2019 to August this year. The search included Adidas' main office in Herzogenaurach and other locations. Adidas has provided relevant documents and coordinated with customs authorities over the years. The company expects the investigation to have no significant financial impact and will continue cooperating with German customs to resolve issues arising from differing interpretations of German and European laws. This tax probe follows a recent controversy involving Kanye West. More details of the investigation have not been disclosed. Adidas shares fell 3.4%.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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