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German sporting goods maker Adidas announced plans to resume dividend payments to shareholders after the terms of a government-backed loan to get it through the coronavirus crisis forced it to suspend payouts last year.

Adidas said on Monday it would pay a dividend of 3 euros per share for 2020, or a total of 585 million euros ($710 million). That compares with a dividend of 3.35 euros per share for 2018.

Shares in Adidas narrowed their losses on the news, trading 0.6% lower at 293.80 euros by 1218 GMT.

Adidas in November replaced its loan from Germany's state-backed bank KfW with a 1.5 billion euro syndicated loan from partner banks, which meant it could resume dividend payments.

The group is due to publish its financial results for 2020 on March 10. Rival Nike in December raised its full-year sales forecast after COVID-wary shoppers demanding outdoor sportswear drove its third consecutive surge in online sales.

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