Adidas extends sports push

Adidas AG signed an agreement with billionaire Wang Jianlin's Dalian Wanda Group Co to help develop soccer and basketball in China as the German company seeks to capitalize on increasing interest in sports and fitness in the world's most populous nation.

The sneaker maker will also sponsor two of Wanda's Ironman Triathlon events in China this year, according to a joint statement.

It is joining forces with a company that this year signed a partnership agreement with soccer's governing body FIFA, and in 2015 bought a 20 percent stake in Spanish team Atletico Madrid.