Ceconomy

Ceconomy CEO Remko Rijnders says the takeover by JD.com must be approved by Nov. 10, otherwise the deal will lapse. Two procedures remain outstanding: an EU Commission review of possible Chinese subsidies and an Austrian investment screening. Rijnders stresses that operations continue, Ceconomy will meet its profit targets for 2026, and if the deal is completed the company is to be taken off the stock exchange to raise operating profit to €800 million by 2029. » Mere på t-online.de

The Chinese government has banned companies from providing the European Commission with further information on JD.com’s takeover of Ceconomy (MediaMarkt‑Saturn), criticizing the information requests as unlawful extraterritoriality. The EU has been investigating since May whether foreign subsidies may have advantaged JD.com; many documents have already been submitted. The probe’s deadline runs until 23 October, while a parallel consultation process between Beijing and Brussels continues until the end of October. Through a voluntary offer JD.com holds around 60% of the shares; including agreements with major shareholders the buyer currently controls 82.5%. The transaction is valued at about €2.2 billion. » Mere på faz.net

For EU approval of the takeover of Ceconomy, JD.com offered concessions to the Commission, but no details were given. The EU Commission has been investigating possible subsidies from JD.com since May and set a provisional deadline of October 23 to conclude the review. The news weighed on Ceconomy stock, which in after-hours Tradegate trading was at times €3.85 and traded below its XETRA close. » Mere på finanzen.net