Core Viewpoint - JD Group aims to establish itself as a leading omnichannel consumer electronics platform in Europe through the acquisition of CECONOMY AG, the parent company of MediaMarkt and Saturn, with a cash offer of €4.60 per share, valuing the company at approximately €2.2 billion [2][3]. Group 1 - The acquisition, if completed, will set a new record for Chinese e-commerce companies entering the European market [3]. - CECONOMY's CEO, Kai-Ulrich Deissner, expressed that JD's retail, logistics, and technology capabilities can accelerate CECONOMY's growth trajectory and help it adapt to changing customer expectations and market dynamics [3][4]. - JD has secured support from over half of CECONOMY's shareholders for the acquisition [4][5]. Group 2 - JD and CECONOMY have signed an investment agreement regarding the acquisition and future cooperation [4]. - Convergenta, CECONOMY's largest shareholder, will hold 25.35% of CECONOMY shares post-acquisition, having committed to accept the offer for its 3.81% stake [4][5]. - The acquisition will ensure JD has support for a total of 57.1% of CECONOMY shares before the public offer [5]. Group 3 - CECONOMY is a leader in the European consumer electronics retail sector, operating over 1,000 retail stores across 11 countries and integrating e-commerce with physical retail [5]. - In Q1 2025, CECONOMY reported a 1.6% decline in sales to €5.2 billion, but its online sales grew by 7.4% to nearly €1.3 billion, representing a quarter of total sales, indicating strong growth potential [5]. - CECONOMY will maintain independent operations in Europe post-acquisition, with no plans to adjust personnel or office locations [6][8]. Group 4 - The strategic investment agreement aims to accelerate CECONOMY's growth while preserving its independent operational structure and local technology framework [7][8]. - JD's CEO, Xu Ran, emphasized the importance of CECONOMY's market position and customer relationships, stating that JD will invest resources to support talent development and corporate culture [8]. - Convergenta's representative, Jürgen Kellerhals, fully supports the strategic investment agreement, believing it is the best opportunity for CECONOMY's successful transformation [8].

7月31日，京东宣布通过全资间接附属公司JINGDONG Holding Germany GmbH向欧洲消费电子产品零 售商MediaMarkt及Saturn的母公司CECONOMY作出自愿公开收购要约，以每股4.6欧元的现金收购 CECONOMY所有已发行及流通的不记名股份。该价格较截至2025 年 7 月 23 日三个月成交量加权平均 股价溢价43%，交易估值约为22亿欧元，收购要约预计于2026年上半年完成。 去年年底至今，京东快速推进欧洲市场，并在7月砸下重金。 【#京东22亿欧元收购CECONOMY#】 对于这一消息，资本市场也给出了反应：7月31日京东港股开盘后下跌超2.5%，周三法兰克福证券交易 所的CECONOMY股价上涨6.8%。 ...

Group 1 - JD.com announced a voluntary public acquisition offer for CECONOMY AG at a cash price of €4.60 per share, valuing the transaction at approximately €2.2 billion, equivalent to over 18 billion RMB [1][2] - The acquisition aims to establish a strategic investment partnership, with JD.com and CECONOMY signing an investment agreement regarding the acquisition offer and future cooperation [1] - Following the completion of the acquisition, Convergenta Invest GmbH will hold 25.35% of CECONOMY's shares as part of the shareholder agreement [1] Group 2 - CECONOMY is a leader in the European consumer electronics retail industry, operating the MediaMarkt and Saturn brands with over 1,000 retail stores across 11 countries [2] - The strategic investment agreement aims to drive CECONOMY's growth while maintaining its independent operations and local technical infrastructure in Europe [2] - CECONOMY has no plans to adjust personnel, employee agreements, or office locations as part of its strategic planning [2]

Group 1 - JD.com has accelerated its international expansion, particularly targeting the European market since the end of last year [1][5] - On July 31, JD.com announced a voluntary public takeover offer for CECONOMY at a price of €4.6 per share, representing a 43% premium over the average share price [1] - The transaction is valued at approximately €2.2 billion and is expected to be completed in the first half of 2026 [1] Group 2 - CECONOMY's management supports the collaboration with JD.com, aiming to enhance financial flexibility and leverage JD's technology and logistics capabilities [2] - CECONOMY will maintain its operational independence and has no plans to adjust personnel or office locations [2] - JD.com aims to expand its influence in Europe through this acquisition, emphasizing support for CECONOMY's talent development and corporate culture [2] Group 3 - CECONOMY reported a 1.3% increase in sales to €5.2 billion in Q1, benefiting from online business growth [3] - The company achieved its ninth consecutive quarter of profit growth, with adjusted EBIT increasing by 66.6% to €10 million [3] Group 4 - After scaling back its Southeast Asian operations, JD.com has focused on the European market, launching its e-commerce brand ochama in the Netherlands [5] - JD.com has established self-operated warehouses in the Netherlands, Poland, and France, offering a wide range of products to 24 European countries [5] - The company has also signed a partnership with the European Football Association to enhance its brand recognition in Europe [5]

Core Viewpoint - JD.com, a Chinese e-commerce giant, plans to acquire German consumer electronics retailer Ceconomy for €2.2 billion (approximately S$3.3 billion) [1] Group 1: Acquisition Details - The acquisition will be completed at a price of €4.60 per share [3] - Ceconomy CEO Kai-Ulrich Deissner stated that the partnership will connect JD.com with unique technology and leading retail expertise globally [3] - The acquisition will enable JD.com to compete with major e-commerce players like Alibaba and Amazon outside of China [3] Group 2: Ceconomy's Operations - Ceconomy operates two major brands, MediaMarkt and Saturn, which have around 1,000 stores across several European countries and employ approximately 50,000 people [3] - The largest single shareholder, the Kellerhals family, will sell 3.81% of their shares to JD.com while retaining 25.35% [4] - Other shareholders, including Haniel, Beisheim, BC Equities, and Freenet, hold about 27.9% of shares and will sell their stakes to JD.com [4] Group 3: Financial Performance - Ceconomy's sales for the fiscal year 2023/24 reached €22.4 billion, with €5.1 billion coming from online stores [4] Group 4: Transaction Timeline and Expectations - The transaction is expected to be completed in the first half of next year, with no forced layoffs anticipated in the three years following the acquisition [4] - Deissner expressed confidence that antitrust authorities would not raise objections to the acquisition [4]

根据战略投资协议，京东与CECONOMY旨在推动CECONOMY的增长，并将继续保持其独立运营，加 快其向欧洲领先的全渠道消费电子产品平台转型。 这笔交易对CECONOMY的估值将达到约22亿欧元。（智通财经 汪维喆） 京东集团7月31日在港交所公告，决定通过全资间接附属公司JINGDONG Holding Germany GmbH向欧 洲消费电子产品零售商MediaMarkt及Saturn的母公司CECONOMY AG所有股东作出自愿公开收购要 约，以每股4.60欧元的现金对价收购CECONOMY的所有已发行及流通的不记名股份，并建立战略投资 伙伴关系。 出价方与CECONOMY亦已就收购要约及完成收购要约后双方的合作意向签订投资协议。此外，就未来 合作事宜，出价方与CECONOMY的最大股东，包括Convergenta Invest GmbH及相关股东已签订股东协 议，该协议的生效以收购要约的完成为前提。因此，收购要约完成后，Convergenta将持有25.35%的 CECONOMY股份。 ...

京东集团-SW(09618)发布公告，公司今日宣布，决定通过全资间接附属公司JINGDONG Holding Germany GmbH(出价方)向欧洲领先的消费电子产品零售商MediaMarkt及Saturn的母公司CECONOMY AG (CECONOMY)(XETRA: CEC)所有股东作出自愿公开收购要约，以每股4.60欧元的现金对价收购 CECONOMY的所有已发行及流通的不记名股份(CECONOMY股份)(收购要约)。 出价方与CECONOMY亦已就收购要约及完成收购要约后双方的合作意向签订投资协议。此外，就未来 合作事宜，出价方与CECONOMY的最大股东，包括Convergenta Invest GmbH及相关股东(统称 Convergenta)已签订股东协议，该协议的生效以收购要约的完成为前提。因此，收购要约完成后， Convergenta将持有25.35%的CECONOMY股份。 Convergenta通过不可撤销承诺就持有的3.81% CECONOMY股份接受此次收购要约，将其在 CECONOMY的股权自现有的29.16%降至上述比例。出价方亦已与CECONOMY的多位股东签订协议， 根据 ...

Core Viewpoint - JD Group announced a voluntary public takeover offer to acquire all issued and outstanding shares of CECONOMY AG at a cash price of €4.60 per share, facilitated through its wholly-owned subsidiary JINGDONG Holding Germany GmbH [1] Group 1: Acquisition Details - The offer is supported by a strategic investment agreement between JD Group and CECONOMY, which aims to enhance CECONOMY's growth while maintaining its independent operations [3] - Convergenta, CECONOMY's largest shareholder, will hold 25.35% of CECONOMY shares post-acquisition, having committed to accept the offer for its 3.81% stake [2] - JD Group has secured irrevocable commitments from shareholders representing a total of 31.7% of CECONOMY shares, ensuring support for the takeover [2] Group 2: Strategic Implications - CECONOMY operates leading consumer electronics retail brands MediaMarkt and Saturn, combining strong e-commerce capabilities with over 1,000 retail stores across 11 countries [3] - The partnership is expected to leverage JD Group's advanced technology and logistics capabilities to accelerate CECONOMY's transformation into a leading omnichannel consumer electronics platform in Europe [3][4] - Both companies' management teams express confidence in the partnership, emphasizing the importance of customer focus and the integration of digital and physical business models for future success [4] Group 3: Financial Arrangements - The acquisition will be financed through a combination of acquisition loans and existing cash on the company's balance sheet [4] - The takeover offer is subject to customary conditions, including regulatory approvals, and is expected to be completed in the first half of 2026 [4]

格隆汇7月31日丨京东集团-SW(09618.HK)今日宣布，决定通过全资间接附属公司JINGDONG Holding Germany GmbH("出价方")向欧洲领先的消费电子产品零售商MediaMarkt及Saturn的母公司CECONOMY AG ("CECONOMY")(XETRA: CEC)所有股东作出自愿公开收购要约，以每股4.60欧元的现金对价收购 CECONOMY的所有已发行及流通的不记名股份("CECONOMY股份")("收购要约")。 出价方与CECONOMY亦已就收购要约及完成收购要约后双方的合作意向签订投资协议。此外，就未来 合作事宜，出价方与CECONOMY的最大股东，包括Convergenta Invest GmbH及相关股东(统 称"Convergenta")已签订股东协议，该协议的生效以收购要约的完成为前提。因此，收购要约完成后， Convergenta将持有25.35%的CECONOMY股份。 Convergenta通过不可撤销承诺就持有的3.81% CECONOMY股份接受此次收购要约，将其在 CECONOMY的股权自现有的29.16%降至上述比例。出价方亦已与CECONO ...