By David Kiley
DIFFERENT CULTURES. "I would watch the execution of the integration very carefully, because it won't be easy to integrate the businesses -- Adidas' focus is on sport, but Reebok's is on lifestyle," says Volker Riehm, fund manager at Activest.
While the combination of Adidas and Reebok looks terrific on paper, successful mergers need to work between real people who, in this case, will have to break down cultural differences between companies with "two hugely different cultures,'' says Jeffrey Bliss, president of Javelin Group, a sports marketing firm and a former New Balance executive. "The German mentality of control, engineering, and production, vs. the U.S. marketing- driven culture...in reality, I don't think [the merged company] is go