JD.com (ADR)

The European Commission has cleared the majority takeover of Ceconomy, operator of MediaMarkt and Saturn, by the Chinese group JD. JD must offer logistical services, warehouse capacity and technologies to other market participants on equal terms and provide any financing to Ceconomy at market rates to offset potential subsidy advantages. Ceconomy will remain operationally unchanged, its management will stay in place, and JD aims for sustainable growth and innovation in retail. » More on welt.de

The European Commission has approved JD.com’s takeover of Ceconomy (Mediamarkt‑Saturn) subject to conditions. JD.com may acquire around 1,000 stores in several European countries; the offer is valued at about €2.2 billion. To prevent hidden state aid, JD.com must carry out intra‑group transactions on market terms, offer logistics and technology services to competing retailers on equal conditions, and compliance with the conditions will be monitored for ten years by an independent trustee. » More on golem.de

For EU approval of the takeover of MediaMarkt parent company Ceconomy, JD.com has offered concessions to the European Commission, according to an update on the Commission’s website. The Commission does not specify which concessions were submitted. The review was prompted by concerns that JD.com may have received subsidies from third countries that could distort the internal market; the Commission is targeting a provisional decision by 23 October. » More on finanzen.net

China has threatened the EU with decisive countermeasures if the Commission continues its investigation into JD.com’s planned takeover of Ceconomy. Peking also prohibited supporting EU requests in China and criticized the amount of information requested as excessive. The EU has been examining since May whether JD.com received state subsidies; JD.com denies the allegations, and Ceconomy values the offer at about 2.2 billion euros. » More on finanzen.net

The Federal Ministry of Economic Affairs has approved the takeover of MediaMarktSaturn by Chinese group JD.com, but imposed conditions to protect customers' personal data. The federal government gains extensive monitoring and control rights and can revoke the approval in case of breaches. JD.com welcomed the decision and expects final clearance in the second half of the year. » More on zeit.de