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JD.com said on September 1 it has formally issued a voluntary public takeover offer for CECONOMY, the German parent company of consumer electronics chains MediaMarkt and Saturn.
The bid, made through wholly owned subsidiary Jingdong Holding Germany GmbH, proposes to acquire all outstanding bearer shares of CECONOMY at €4.60 in cash per share. JD.com had announced its plan to pursue the offer on July 30.
If successful, the transaction would rank as one of the largest acquisitions by a Chinese company in Europe in recent years, underscoring JD.com's ambitions to expand its global retail footprint.
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