business

The operation, amounting to 2.5 billion dollars (2.24 billion euros)

JD.com announced Tuesday that it had obtained this conditional agreement from Brussels.

europe, bruxelles, union, ceconomy, fnac darty, concurrence, distorsion, craint

Key facts

  • The deal, worth $2.5 billion (€2.24 billion), concerns the second-largest shareholder of French group Fnac Darty.
  • JD.com announced Tuesday that it had obtained this conditional approval from Brussels.
  • The European Union on Tuesday conditionally approved the takeover of German retailer Ceconomy by Chinese e-commerce giant JD.com.

The deal, worth $2.5 billion (€2.24 billion), concerns the second-largest shareholder of French group Fnac Darty.

JD.com announced Tuesday that it had obtained this conditional approval from Brussels.

The European Union on Tuesday conditionally approved the takeover of German retailer Ceconomy by Chinese e-commerce giant JD.com.

The Commission initially feared that subsidies received by JD.com from China would distort competition in the Union's internal market.

Among them is the obligation to carry out intra-group transactions between JD.com and Ceconomy on market terms.

In a statement, the European executive lists a series of commitments made by JD.com.

The Chinese group says these measures will prevent any cross-subsidization of JD.com's European activities.

This regulation targets foreign state aid deemed unfair.

"Our ambition is to help Ceconomy accelerate its growth in a sustainable manner, further strengthen its competitive position in Europe and continue to innovate in a rapidly evolving retail market,"said Sandy Xu, CEO of JD.com, in a statement.

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