
According to media reports, the EU Commission is about to approve the 2.2 billion euro deal after JD.com made further concessions.
AI-generated summary
The EU Commission is examining whether JD.com gained unfair competitive advantages in its takeover of Ceconomy through state subsidies from China. The decision should be made by November 4th.
JD.com is apparently getting closer to taking over MediaMarkt and Saturn parent Ceconomy: The EU Commission is probably about to approve the 2.2 billion euro deal.
Brussels. According to media reports, the Chinese online giant JD.com can rely on the approval of the EU Commission for its plans to take over MediaSaturn's parent company Ceconomy after thorough examination and new concessions. The transaction is pending approval by the Brussels authority, a person familiar with the matter said on Friday.
The EU Commission, JD.com and Ceconomy did not want to comment. The commission wants to make its final decision by November 4th. The transaction is also still being investigated by the authorities in Austria.
The Brussels competition authorities are currently investigating whether JD.com is financing the takeover with the help of subsidies from the People's Republic. A preliminary Commission investigation in May found that JD.com may have received unfair advantages through preferential financing, tax incentives and subsidies from China.
To address the concerns, according to insiders, the online retailer had offered to grant Ceconomy access to its European logistics and technology infrastructure at market conditions. Smaller rivals would also have access to fair and non-discriminatory conditions. JD.com made further concessions during the review, the insider said.
The takeover would give JD.com access to large online shops and over 1,000 branches and could then expand its European business in competition with Alibaba or Amazon. Ceconomy still employs around 48,000 people, around 17,000 of them in Germany. JD.com also wants to take the Düsseldorf-based holding company off the stock exchange in the event of an approved takeover. Ceconomy is valued at around 2.2 billion euros in the transaction.
AI outlook — possibilities, not facts
The EU Commission will decide on the takeover by November 4th.
Very likely · Within weeks

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