VENTURE CAPITAL POST

An investor group that includes Jynwel Capital and funds affiliated with the Abu Dhabi government is launching a bid to buy Reebok from Adidas AG for about $2.2 billion, the Wall Street Journal reported Sunday.

German sportswear maker Adidas, facing investor discontent over its underperforming share price, announced on Wednesday plans to return to shareholders as much as 1.5 billion euros ($1.9 billion) over the next three years.

Adidas (ADSGn.DE) needs world-class designers, brand experts and technical whizzkids to improve its image against U.S. rival Nike (NKE.N), but persuading them to move to its headquarters in rural Germany is difficult.

Nike Inc's (NKE.N) shares rose as much as 11 percent to a record high after the world's largest sportswear maker reported a better-than-expected quarterly profit, prompting at least 13 brokerages to raise their price targets on its stock.

In 2010, former Chinese gymnast Li Ning led a surging $4 billion sportswear business, a gold-medal pinnacle echoing his victories at the 1984 Olympic Games.

Germany-based sporting goods maker Adidas AG has filed a lawsuit against Under Armour Inc for allegedly infringing on its patents related to mobile fitness, Bloomberg reported.

Reebok North America President Uli Becker would be leaving his post as part of a management shakeup.

Shares of China's best-known local sportswear group, Li Ning Co Ltd, slid 4 .5 pe rcent on Thursday.