Adidas to buy back shares worth up to 1.5 billion euros

German sportswear maker Adidas, facing investor discontent over its underperforming share price, announced a plan on Wednesday to buy back up to 1.5 billion euros ($1.89 billion) in shares over the next three years. Adidas said in a statement the shareholder return program would be predominantly financed from the group's free cash flow, adding share buybacks would start in the fourth quarter and be completed by Dec. 31, 2017. Adidas, which has been losing market share in its home territory of western Europe to Nike and has failed to make serious inroads in North America, has seen its shares fall by more than a third this year.

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