The Wall Street Journal: The investment vehicle of Egyptian billionaire Nassef Sawiris disclosed Friday that it obtained 6% of the voting rights in Adidas AG, reigniting speculation the German sports brand has become the target of activist investors. Mr. Sawiris, part of Egypt’s richest family, has a history of engagement in companies he holds a stake in via his investment vehicle NNS Holding Sàrl. In 2006, Mr. Sawiris took a stake in Texas Instruments Inc. and publicly pushed for the company to be sold. It wasn’t immediately clear what Mr. Sawiris’ plans are with Adidas. He holds a direct 1.7% stake and controls another 4.3% via stock options, according to a release from the Stuttgart stock exchanged Friday.

Mr. Sawiris controlled Egypt’s construction company Orascom Cement, which was bought by French rival Lafarge SA for around €9 billion in 2007. Last year, Lafarge, in which Mr. Sawiris held a roughly 11% stake following the Orascom transaction, agreed to a $40 billion merger with Swiss rival Holcim Ltd. Based on Friday’s disclosure, NNS is Adidas’s largest investor, followed by funds managed by BlackRock Inc and Mason Hawkins’ Southeastern Asset Management Inc. Mr. Hawkins is also known as a shareholder who can exert pressure on a company’s management.

Adidas had been rumored to be a target for activist investors since late last year after it posted its third profit warning in less than one year. It has hired a law firm and an investment bank to develop a plan to react to unwanted investor pressure.

Adidas is in the midst of the search for a new chief executive to succeed Herbert Hainer. Some investors have urged the company to look for an outsider and consider sweeping changes, including a potential sale of its golf brand TaylorMade or Reebok.