CECONOMY ADR 1/5

Ceconomy's stock is being removed from the SDAX and replaced by Medios because Ceconomy's free float has fallen below the ten percent required for the index. The background is the planned takeover by JD.com, which has been cleared by the Bundeskartellamt, although a veto by the federal economy minister on security grounds is still possible. On the stock market the papers reacted only marginally: Ceconomy slightly up, Medios slightly down. » Mere på finanzen.net

Ceconomy will be removed from the SDAX on 16 October and replaced by the stock of specialist pharmaceutical company Medios, after Ceconomy’s free float fell below the required ten percent. The Federal Cartel Office recently approved the takeover by JD.com, but final closing is still pending because Federal Minister for Economic Affairs Katherina Reiche could veto it for security policy reasons. » Mere på finanzen.net

The management and supervisory boards of Ceconomy support accepting JD.com's cash offer of €4.60 per share and consider the offer fair and appropriate. The offer values Ceconomy at around €4 billion; the acceptance period runs until 10 November. Four anchor shareholders (Haniel, Beisheim, freenet and Convergenta) have committed roughly 32% of the capital, with Convergenta retaining about 25.4%. » Mere på finanzen.net