JD.com wins EU approval for acquisition of Ceconomy
The deal clears the final regulatory hurdle as JD.com pledges binding commitments to protect employees, brands and stores.
- On Tuesday, the European Commission approved the $2.5 billion acquisition of Ceconomy by Chinese e-commerce giant JD.com, provided the company complies with offered remedies.
- The Commission investigated the deal under the Foreign Subsidies Regulation, evaluating whether JD.com received preferential financing and tax incentives from the Chinese government that facilitated the higher bid.
- Ceconomy, the parent company of MediaMarkt, Saturn, and MediaWorld, operates more than 1,000 stores across eleven countries with approximately 50,000 employees.
- With all conditions met, the acquisition should be finalized within a few days, while current management will remain responsible for day-to-day operations.
- JD.com aims to accelerate Ceconomy's growth and omnichannel strategy; CEO Sandy stated the ambition is to "further strengthen its competitive position in Europe.
70 Articles
70 Articles
The European Commission allowed China's JD.com Marketplace to buy a US$ 2.5 billion German Céconomy, a deal that lasted more than a year.
The Chinese tech giant JD.com is allowed to take over Europe's largest electronics specialist MediaMarktSaturn. This is what the EU Commission has decided. However, there are regulations from Brussels.
Westfalenpost
JD.com is allowed to take over Europe's largest electronics retailer, Mediamarkt-Saturn. However, the EU Commission is continuing its agreement to conditions.
JD.com is allowed to take over Europe's largest electronics retailer, Mediamarkt-Saturn. However, the EU Commission is continuing its agreement to conditions.
The Chinese online trading platform JD.com wants to take over the Düsseldorf-based company Ceconomy, which includes Mediamarkt and Saturn. Now Brussels agrees - under conditions. This is mainly about the risk of an "aggressive pricing policy".
Ceconomy, the German parent company of MediaMarkt, MediaWorld, and Saturn, may be acquired by the Chinese web giant JD.com after all. The European Commission investigated the acquisition because JD.com was reportedly receiving financial aid from the Chinese government. There were fears that MediaMarkt, MediaWorld, and Saturn would be able to engage in price wars following the takeover. JD.com is incorporated in the Cayman Islands and is listed …
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