By Aimee Look
JD.com acquired a major stake in Ceconomy as part of its $2.6 billion takeover deal, which together with shares retained by future partner Convergenta gives them majority control of the German consumer-electronics retailer.
Chinese e-commerce group JD.com said Friday that it is reopening its offer to acceptances until Nov. 27 to give remaining shareholders another chance to their shares in a deal that values Ceconomy at around 2.23 billion euros ($2.59 billion), or 4.60 euros a share, and that both companies announced back in July.
The Beijing-based company is seeking to bolster its presence abroad as it contends with escalating rivalry at home.
JD.com said Friday its German subsidiary secured 45.5% of share capital and voting rights in Ceconomy during an initial offer period that ended Monday. Alongside its future partner, German holding company Convergenta, the two companies will together retain a 70.9% stake in Ceconomy, JD.com said. Convergenta will keep a 25.35% stake in the company after the public takeover, Ceconomy said.
The deal is subject to regulatory approval, and Ceconomy's delisting might be implemented after the offer is complete, JD.com said.
"[The offer is] supported by the strong backing of shareholders as well as Ceconomy's Management Board and Supervisory Board," JD.com's Chief Financial Officer Ian Su Shan said.
Ceconomy's Chief Executive Kai-Ulrich Deissner said the partnership and offer are in the best interests of Ceconomy, its employees and also its shareholders.
The acquisition comes as JD.com is making a push into Europe, faced with mounting competition from the likes of Alibaba and PDD Holdings in China, HSBC analysts said in a note. JD.com has upped its investment in local-to-local e-commerce in the U.K., France and Germany, according to the analysts.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
November 14, 2025 05:03 ET (10:03 GMT)
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