Ceconomy CEO expects EU to conduct review of JD.com's takeover plans
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FILE PHOTO: The logo of Ceconomy AG, Europe's largest consumer electronics retailer is pictured at the company's general shareholders meeting in Duesseldorf, Germany, February 12, 2020. REUTERS/Wolfgang Rattay/File Photo
DUESSELDORF (Reuters) -Ceconomy expects EU competition authorities to examine JD.com's plans to take it over, said the German company's CEO, Kai-Ulrich Deissner, on Thursday.
Given the size of the transaction, the plans are expected to fall under the purview of Brussels rather than Germany's federal cartel office, added Deissner in a conference call.
With its Chinese partner, Ceconomy will be able to grow faster and gain access to leading technologies, he added.
JD.com is acquiring Germany's Ceconomy in a deal that values the electronics retailer at 2.2 billion euros ($2.5 billion), allowing one of China's largest online retailers to expand outside of its home market.
(Reporting by Matthias Inverardi, Writing by Miranda Murray; editing by Matthias Williams)
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