An investor group including Hong Kong-based private equity form Jynwel Capital and Abu Dhabi-affiliated government funds were bidding for Adidas' Reebok, the Wall Street Journal reported Monday.

Citing sources close to the group, the newspaper spoke of a transaction to the tune of $2.2 billion (1.7 billion euros).

The Journal said investors were expected to argue that Reebok would do better, if it were managed independently.

Better off on its own?

It claimed the bidders believed Reebok would benefit from new management and ownership while focusing on its business in the US outside the scrutiny of public shareholders. But the firm's current strategic path would not have to be altered and its top executives would stay in place.

The Wall Street Journal added the group of investors had signaled they wanted to give Reebok more financing for marketing and store rollouts.

Adidas, the world's second largest sports apparel company, acquired Reebok about a decade ago for $3.8 billion. After enjoying initial success with a broad range of shoes, Reebok has been struggling for many years now to stay competitive in a contested market segment.

hg/uhe (Reuters, AFP)