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
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