The European Commission has announced that it will initiate an in-depth investigation into the planned acquisition of German electronics retailer Ceconomy by Chinese JD.com. The intention to take such a decision was reported by the Financial Times, citing its sources.
Ceconomy is a German company listed on the Frankfurt Stock Exchange, operating more than 1,000 stores across Europe under the MediaMarkt and Saturn brands. The company was spun off from the Metro group in 2017 and has since operated as an independent entity. JD.com is one of China’s largest e-commerce groups, competing with Alibaba and Meituan. The company was founded in 1998 by Richard Liu Qiangdong and has since grown into a logistics giant with its own delivery fleet and warehouses. JD.com already manages logistics centres in the United Kingdom, France and Germany.
First such investigation into a Chinese takeover
If the Financial Times report is confirmed, this will be the first Chinese takeover to undergo detailed scrutiny under EU rules on foreign subsidies. The EU Foreign Subsidies Regulation entered into force in 2023 and gives the European Commission the power to block companies benefiting from state support from outside the EU from participating in public tenders, mergers and acquisitions.
JD.com announced a takeover offer for Ceconomy worth approximately $2.5 billion (equivalent to about €2.3 billion at the time) in July 2025. Brussels has decided on a full review, which will give the European Commission an additional 90 working days to assess whether the transaction involves unfair foreign subsidies.
The system is not aimed exclusively against China
Although the foreign subsidies system is not targeted specifically at China, it has been applied in cases involving Chinese companies amid growing concerns in Europe about the impact of excess production capacity in Chinese industry on local businesses. European Commission representatives have repeatedly stressed that the aim of the regulation is to ensure fair competition in the single market, regardless of the origin of the investor.
EU Competition Commissioner Teresa Ribera has previously said that the Union is likely to conduct more investigations into subsidies for foreign companies investing in Europe. Ribera took up the post of Competition Commissioner in 2024 and has since announced that she will maintain a restrictive approach towards companies from third countries, continuing the policy initiated by her predecessor.
Interest from Austrian regulators and lack of a German decision
The proposed transaction with Ceconomy has already attracted the attention of the Austrian foreign investment control authority. Austria, like other European countries, has its own rules for reviewing takeovers in strategic sectors, although consumer electronics is not typically considered a sensitive sector. Germany’s decision on the takeover has not yet been made. Germany’s Federal Ministry of Economics and Climate Protection (Bundesministerium für Wirtschaft und Klimaschutz) has the right to veto takeovers that threaten public security or public order.
JD.com has been operating in Europe for several years. The company opened its first European logistics centre in the United Kingdom in 2021, followed by centres in France and Germany. The acquisition of Ceconomy, the owner of the MediaMarkt and Saturn brick-and-mortar store chains, would allow JD.com to integrate online and offline sales channels in the European consumer electronics market.
MediaMarkt and Saturn are among the most recognised electronics retail brands in Europe. The network employs tens of thousands of people in a dozen countries, including Germany, Austria, Switzerland, Poland, Spain, Italy, the Netherlands, Belgium and Turkey. In Poland, MediaMarkt has been operating since 2004 and has several dozen stores in the largest cities. The acquisition of Ceconomy by JD.com could therefore have a direct impact on the Polish consumer electronics market.
The European Commission has not yet officially announced its position on the takeover. If the Commission decides on a full review, it will have 90 working days to carry out its analysis. After this period, it may approve the transaction, approve it with conditions, or block it. JD.com has not issued a statement regarding the Financial Times report. Ceconomy has also not commented on the information about the investigation.
