Brussels prepares first in-depth review of a Chinese acquisition under new foreign subsidies regulations, delaying JD.com’s deal.
The European Commission will launch an in-depth investigation into JD.com’s €2.2bn bid for German retailer Ceconomy, marking the first Chinese acquisition scrutinized under the EU’s foreign subsidies rules. The review extends the assessment period by 90 working days, potentially delaying the deal’s expected 2026 closure.
JD.com announced the takeover in July 2023, targeting Ceconomy’s 1,000-plus MediaMarkt and Saturn stores across Europe. The EU’s subsidy rules, introduced to counter unfair state-backed competition, have increasingly targeted Chinese firms amid concerns over industrial overcapacity.
The decision precedes broader EU discussions on its China strategy, with competition chief Teresa Ribera signaling more subsidy probes ahead. No immediate market reaction was reported.