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. • The filing did not specify the remedies offered. • The European Commission opened a full-scale investigation into the deal in May under […]
Business
Chinese e-commerce giant JD.com offers EU remedies in Ceconomy takeover probe
Audio By Carbonatix
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.
• The filing did not specify the remedies offered.
• 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.
• JD.com was hit with a formal notice of regulatory concerns over its bid last month.
• 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 by Foo Yun Chee and Bart Meijer. Editing by Mark Potter)