The European Commission (EC) approved JD.com’s acquisition of German retail group Ceconomy under 10-year commitments, addressing concerns that Chinese state support could distort competition in the EU.
The rules require transactions between the companies, including financing, to take place on market terms. JD.com must provide third-party retailers access to its warehousing and logistics services, and third parties access to its technology services, on the same terms as Ceconomy. An independent trustee will monitor compliance under EC supervision.
The EC said preferential financing, tax incentives and grants from China could distort competition. It said the support helped build capabilities JD.com would make available to Ceconomy and could strengthen the combined company’s ability to fund EU operations and price aggressively.
After seeking feedback from competitors, the companies tightened provisions on transactions and financing within the group and improved access terms for third-party retailers, the EC said. The commitments will remain in force for 10 years.
The EC opened an in-depth investigation on May 28, 2026, after an initial review indicated foreign subsidies might distort the EU internal market. The case examined JD.com’s proposed acquisition of sole control of Ceconomy under the bloc’s Foreign Subsidies Regulation.
Ceconomy, the parent of MediaMarktSaturn, said the EU clearance was its last outstanding regulatory approval. The company said it had already secured foreign-investment approvals in Germany, France, Italy, Spain and Austria, and that all offer conditions were met. Ceconomy CEO Remko Rijnders said, “Our partnership with JD.com is becoming reality and a new chapter is about to begin.”
JD.com’s July 2025 offer covered all outstanding Ceconomy shares at €4.60 each in cash. Ceconomy reported in December 2025 that 290,228,196 shares had been tendered, equal to 59.8% of its share capital and voting rights. Including Convergenta’s retained 25.35% stake, the reported combined shareholding was 85.2%. Ceconomy operates over 1,000 stores and has about 50,000 employees.
