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Adidas must unlock Reebok's value: analysts

Break-up estimates show German firm's stock recovering by at least 15% from asset sales

London

ADIDAS AG selling its Reebok unit, even at a loss, is the best first step the sporting-goods maker can take towards recouping the US$10 billion that shareholders lost this year.

A group led by a Hong Kong-based private-equity investor is preparing an offer for Reebok, people