Adidas must unlock Reebok's value: analysts

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 familiar with the matter said. They are potentially going to bid about US$2.2 billion, according to The Wall Street Journal. Adidas bought Reebok in 2006 for US$3.8 billion in cash. An innovator in fitness shoes 30…