BRIEF: JD.com revives talks to acquire German retailer Ceconomy

9618.HK JD.US

E-commerce giant JD.com (JD.US; 9618.HK) is in renewed talks to acquire Ceconomy AG (CEC.DE), Bloomberg reported on Wednesday, saying that JD recently approached the German electronics retailer and discussions are still ongoing.

According to the report, JD has been seeking to expand through overseas acquisitions to offset weakening growth in China as the domestic economy slows. Last year, the company considered acquiring UK electronics retailer Currys Plcbut eventually abandoned the plan.

Ceconomy currently operates around 1,000 MediaMarkt and Saturn retail stores across Europe. JD’s delivery network would complement Ceconomy’s brick-and-mortar presence, according to the Bloomberg report. JD had previously expressed interest in acquiring Ceconomy at the end of 2023.

Ceconomy’s stock has risen 30% so far this year, giving the company a market valuation of 1.65 billion euros ($1.72 billion). JD’s Hong Kong shares opened 1.2% lower at HK$155.40 on Thursday and fell 0.13% to HK$156.3 by the midday break.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click  here

,
, ,

Related Articles

RELATED ARTICLES

  1. Zenergy is new energy
    BRIEF: CATL in talks to acquire Nio’s battery-swapping unit
    9866.HK NIO.US
  2. BRIEF: iMotion pursues German automotive electronics acquisition
    1274.HK
  3. BRIEF: Synagistics to acquire Chinese AI firm for $30 million
    2562.HK
  4. Baozun returns to the black as Gap expansion accelerates
    9991.HK BZUN.US
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

Illustration of Chinese government pumping confidence into stock market

China’s state-driven stocks, and its corporate wars abroad

China's stock market rally is fast approaching its one-year mark, with the benchmark Hang Seng and Shanghai composite indexes both up around 40%. How much longer can it last, especially given the weak state of China's economy? And internet giants Meituan and DiDi have sued each other in Brazil, where they are competing in the takeout dining market. How is this case likely to end up?
3690.HK