Private equity firm Apax has launched a plan to build a stake in sports giant Adidas and has called it Project X, according to reports.
According to a report in The Daily Telegraph, late last year Apax built a 3.7% stake in Adidas and since then has been quietly building its stake to just below 5%.
Market commentators said Apax may be interested in Adidas because there is potential to unlock value by breaking Adidas up and spinning off its Reebok division.
In 2007 it was reported that Apax was interested in buying a 25% stake by way of a tender offer to Adidas investors.
Apax declined to comment