Ceconomy

The Chinese online retailer JD.com has been making an offer for Ceconomy since 2025 and the transaction still depends on approvals from the EU and an investment review in Austria; the offer deadline ends on November 10, after which the deal would lapse. Ceconomy CEO Remko Rijnders stresses that operations will continue, investments will be maintained and the target of around €500 million in operating profit for 2026 should be reached. After completion Ceconomy is to be taken off the stock market and management aims to raise operating profit to €800 million by 2029; job cuts are not contractually envisaged by JD.com. » More on t-online.de

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. » More on 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. » More on faz.net