EU approves JD.com's takeover of MediaMarktSaturn owner Ceconomy with ten-year conditions

Approval with conditions

The European Commission has cleared the takeover of Ceconomy, the Düsseldorf parent of MediaMarkt and Saturn, by the Chinese online retailer JD.com. The decision was announced on Tuesday, 3 November 2026, and it attaches commitments that the companies themselves proposed during the review. JD.com's offer values Ceconomy at about 2.2 billion euros. Ceconomy said JD.com had received the EU clearance, so all conditions of the public takeover offer were now fulfilled. Ceconomy employs about 48,000 people, roughly 17,000 of them in Germany, and JD.com gains access to large online shops and more than 1,000 stores through the deal.

Subsidy concerns behind the review

Brussels had questioned whether JD.com was financing the deal with help from Chinese state support. According to the Commission, the group received tax advantages and state loans, and it used that money to fund part of its logistics and IT systems. After the takeover, MediaMarktSaturn would also profit from this financing, to the disadvantage of European rivals. A preliminary review in May had found that JD.com could have obtained unfair advantages through preferential financing, tax incentives and grants from China. The Commission also examined whether the deal would distort competition within the EU single market, and it now reviews foreign subsidies as well as those granted by EU member states.

Commitments for ten years

JD.com must offer its logistics services, warehouses and technologies to other market participants on the same terms that apply to Ceconomy. Any financing from JD.com to Ceconomy has to follow normal market conditions, which the Commission says prevents cross-subsidies. The companies offered these concessions at the end of August, and the commitments are binding for a decade. The Commission said the measures completely remove the distortions of competition it had identified. The Bundeskartellamt had already cleared the acquisition in September 2025, finding no competition concerns because JD.com has only a very small presence in Germany. Conditions in Germany are meant to ensure that customers' personal data stays protected.

Beijing's response

In August, China's Ministry of Justice said it would respond firmly if the EU kept to its approach. Beijing also barred organisations and individuals from supporting the EU with certain information requests inside China. The ministry accused Brussels of demanding excessive and unnecessary information from China. A Commission spokesperson countered that the goal was equal competitive conditions, so that all companies active in the EU, Chinese ones included, are treated the same. EU competition commissioner Teresa Ribera welcomed the constructive approach taken by the companies involved and said consumers benefit from a competitive retail and e-commerce sector.

Ownership and timing

JD.com holds 59.8% of the shares and voting rights, according to reports on the approval. The holding company of the Kellerhals founding family keeps a 25.4% stake but has committed to vote with JD.com, which De facto brings the Chinese group above 85%. Ceconomy's own statement earlier put JD.com's holding at 85.2%. Ceconomy CEO Remko Rijnders said the approval allows the merger to be implemented, while JD.com chief Sandy Xu said Ceconomy should accelerate its growth in a sustainable way. Both companies said the business model of MediaMarktSaturn would not change for now, and the management team is to stay in place. Ceconomy has said the closing is expected in the second half of 2026, and Rijnders had said in the summer that a delisting could follow in early 2027.

JD.com shares and voting rights59.8%

Kellerhals holding (committed to vote with JD.com)25.4%

JD.com shares and voting rights

59.8 %

Kellerhals holding (committed to vote with JD.com)

25.4 %

Data from the article text