EU to Initiate In‑Depth Antitrust Review of JD.com’s Ceconomy Acquisition

The European Commission (EC) is poised to initiate an exhaustive review of JD.com’s planned acquisition of the German electronics chain Ceconomy, according to sources familiar with the matter.

The announcement is anticipated later this week.

Should the probe proceed, it would represent the inaugural Chinese‑led transaction subjected to a comprehensive EU foreign‑subsidy assessment.

This development precedes a broader strategic dialogue among EU commissioners regarding the Union’s policy toward China.

In July of the previous year, JD.com disclosed a €2.2 billion offer for Ceconomy, which runs a network of over 1,000 MediaMarkt and Saturn stores throughout Europe.

The transaction was originally slated for completion in the first half of 2026.

Nevertheless, insiders briefed on the matter indicate that Brussels will commence a full‑scale review, extending the European Commission’s evaluation period by an additional 90 working days to evaluate potential unfair subsidies.

Under the EU’s foreign‑subsidy framework, the Commission possesses the power to prohibit acquisitions involving state‑supported firms from non‑EU jurisdictions in public procurement, mergers, and acquisitions.

Although the regime targets all non‑EU subsidised firms, it has increasingly been applied to Chinese companies amid growing European apprehension about the effects of Chinese industrial overcapacity on domestic markets.

European Competition Commissioner Teresa Ribera has previously indicated that the bloc intends to pursue additional subsidy investigations into foreign investors, aiming to curb perceived unfair competition.

JD.com ranks among China’s foremost e‑commerce conglomerates, competing with Alibaba and Meituan, and maintains logistics hubs in the United Kingdom, France, and Germany.

The firm had previously explored a bid for the UK electronics retailer Currys before retracting its interest in March 2024.

The contemplated Ceconomy acquisition has already attracted scrutiny from Austria’s foreign‑investment regulator, with a German decision still pending.

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