Mediamarkt and Saturn under Chinese control. The German office gave green light

JD.Com has obtained the consent of the German regulator to take over the majority package in Ceconomy AG, the owner of the MediaMarkt and Saturn networks. The decision opens the path to the Chinese giant to a significant strengthening of its presence on the European market.

“German Federal Antitrust Office (Bundeskartellamt) approved the takeover by the Chinese giant e-commerce JD.Com” – said the website Wiadomohandlowe.pl. Ceconomy is a German company that owns Marek MediaMarkt and Saturn, considered to be the largest seller of retail electronics in Europe. The group employs approximately 50,000 people in the worldincluding approx. 17 thousand in Germany alone.

According to the website, Ceconomy runs over 1,000 stores in 11 European countriesof which almost 400 in Germany. Shopping can also be earned online. From EUR 22.4 billion revenues, nearly one comes from online sales.

JD.Com specializes in e-commerce and logistics. As he noted Andreas Mundt, The president of the German federal antitrust office, so far the activity of the Chinese group in Germany was very limited. Customers could order the product online via the Joybuy online store.

Although the Bundeskartellamt did not find threats to the competition, the planned takeover of Ceconomy by JD.com arouses growing controversy in Europe. The argument about the need to protect the strategic sectors of the economy against the excessive influence of Chinese capital is increasingly raised. The final word will belong to the Ministry of Economy of Germany. Katherina Reiche (CDU) can block the transaction if it considers that it involves a risk for national security or supply chain stability.

Ed. Df

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