JD.com Proposes Remedies to Address EU Probe in $2.5 Billion Ceconomy Deal
Overview of JD.com's Ceconomy Acquisition and EU Investigation
JD.com's Bid and EU Regulatory Response
Aug 20 (Reuters) - Chinese e-commerce giant JD.com has offered remedies in the European Union's probe of its $2.5 billion bid for German electronics retailer Ceconomy, according to an EU regulatory filing.
Details of Remedies and Regulatory Filing
• The filing did not specify the remedies offered.
Background on the EU Investigation
• The European Commission opened a full-scale investigation into the deal in May under the Foreign Subsidies Regulation that targets unfair foreign state aid, citing concerns that JD.com might have received foreign subsidies that could distort the bloc's market.
Regulatory Concerns and Formal Notice
• JD.com was hit with a formal notice of regulatory concerns over its bid last month.
China's Response to the EU Probe
• China said on Wednesday that the EU's investigation constituted "improper extraterritorial jurisdiction" and ordered entities not to implement or assist with the probe.
Reporting Credits
(Reporting by Foo Yun Chee and Bart Meijer. Editing by Mark Potter)
