Adidas’ headquarters in Germany was raided on Tuesday as part of a tax investigation into customs and tax compliance for products imported into the country. Authorities are reviewing practices over a nearly four-year period. Adidas confirmed cooperating with customs authorities for years and provided relevant documents during the search. The company stated it does not anticipate financial repercussions and is working with officials to resolve issues stemming from differing interpretations of German and EU law. Adidas shares saw a modest rise in extended trading on Tuesday.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Adidas' headquarters in Germany was raided on Tuesday as part of a tax investigation
00:06into customs and tax compliance for products imported into the country.
00:10Authorities are reviewing practices over a nearly four-year period.
00:14Adidas confirmed it has been cooperating with customs authorities for years and provided
00:18relevant documents during the search. The company stated it does not anticipate financial repercussions
00:23and is working with officials to resolve issues stemming from differing interpretations
00:27of German and EU law. Adidas shares saw a modest rise in extending trading on Tuesday.