Hong Kong's Jynwel Capital together with Abu Dhabi Funds is seeking to buy sports shoes and apparel maker Reebok from Germany's adidas AG, the Wall Street Journal reported, claiming the offer is worth 1.7 billion US dollars.

According to the same source, the investment firm of the third-generation Low family from Penang is expected to send a letter to adidas on behalf of the investor group, detailing an offer to buy Reebok. The investors are expected to claim that it would be a positive move for the brand which could have a brighter future if managed independently, following a recent wave of corporate separations.

Adidas reaction is not known yet and there is no assurance this bet could be successful.

Jynwel Capital and joint investments with Abu Dhabi Funds already acquired Myla, a British luxury lingerie brand and are in the music industry with their involvement with EMI Music Publishing jointly with Mubadala of Abu Dhabi and private equity firm The Blackstone Group's GSO.

Jynwel Capital is the third generation investment arm of low profile tycoon Low Meng Tak and family originating from China with substantial multi-generation business interests in China and Southeast Asia.

adidas bought Reebok in 2006 for roughly 3 billion US dollars aiming to create a footwear and sporting-apparel company that would rival US based Nike Inc. and have more strength with retailers. However, Nike has been gaining ground against both brands in the last few years, and even recently was given the title of most valuable sports brands heading up the latest Forbes Fab 40 list.