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The German government has given JD.com the green light to acquire Ceconomy, the parent company of MediaMarkt and Saturn. But Brussels still holds the key: the European Commission is investigating whether Chinese state aid is skewing the deal.
Brussels investigates Chinese influence
The Chinese retail and logistics group JD.com has cleared a major hurdle in its bid to acquire MediaMarkt-Saturn. The German Ministry of Economics has approved the acquisition of Ceconomy, but has attached conditions to protect the personal data of German customers and grant Berlin far-reaching control and oversight rights. In the event of violations, the German government can revoke its approval. JD.com has reacted with relief and expects full approval in the second half of the year.
