Ceconomy: EU approves takeover of Media Markt Saturn subject to conditions
The Chinese online giant JD.com is allowed to take over Europe's largest electronics retailer. However, the EU Commission has attached conditions to this move.
Brussels - The European Commission has approved the planned takeover of Europe's largest electronics retailer, Media Markt Saturn, by Chinese e-commerce giant JD.com. However, the two companies must comply with certain conditions to address competition concerns, the authority announced. Brussels' competition watchdog investigated whether JD.com is leveraging subsidies from Chinese policy to gain an unfair advantage in the takeover.
A preliminary Commission review in May found that JD.com might have received unfair benefits through preferential financing, tax incentives, and grants from China. Through the acquisition, JD.com will gain access to large online stores and over 1,000 retail outlets, enabling it to expand in competition with Alibaba or Amazon in the European market. Media Markt Saturn employs around 48,000 people, with about 17,000 of them in Germany.
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