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JD.com wins EU approval for acquisition of Ceconomy

By Reuters News

BRUSSELS, Nov 3 (Reuters) - The European Commission said on Tuesday it approved the $2.5 billion acquisition by Chinese e-commerce giant JD.com 9618.HK of German electronics retailer Ceconomy CECG.DE provided it complies with the remedies offered.

A person familiar with the matter had told Reuters last month the Commission, which is which is the EU competition enforcer, was set to approve the deal.

The Commission was investigating the deal under the Foreign Subsidies Regulation and was evaluating whether JD.com received preferential financing, tax incentives and grants from the Chinese government that may have helped it to offer a higher price for Ceconomy.

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