Chinese E-Commerce Giant in Talks to Acquire Ceconomy (MediaMarkt and Saturn)
– 1 min read
Ceconomy, the company behind MediaMarkt and Saturn, has confirmed that advanced negotiations are underway regarding a possible public takeover by JD.com. At present, Ceconomy is unable to predict whether a takeover bid will actually be made.
Ceconomy has responded to recent media reports. The listed company behind the MediaMarkt and Saturn, as well as Deutsche Technikberatung, has confirmed that it is in advanced negotiations regarding a possible public takeover by JD.com.
"JD is considering making the shareholders of Ceconomy a voluntary public takeover offer in the form of a cash offer for all bearer ordinary shares in accordance with the provisions of the German Securities Acquisition and Takeover Act, and to offer a price of EUR 4.60 per ordinary share". The share price currently trades at €4.18, compared with €2.65 at the beginning of the year, and the market capitalisation stands at €2.03 billion. No legally binding agreements have been signed to date. At present, Ceconomy is unable to predict whether a takeover bid will actually be made or not.
JD.com is one of China's largest e-commerce companies and operates on a global scale. The company was founded in 1998 as an electronics store, and has since evolved into a leading online shopping platform, offering a wide range of products and maintaining its own logistics network.
Ceconomy is the owner of the MediaMarkt and Saturn brands, with a total of 1,030 retail stores across Europe. The company's own brands include Peaq, Koenic, ok. and Isy. MediaMarkt has a network of over 300 stores in Germany, with more than 80 of these being Saturn stores. MediaMarkt is gradually taking over more and more Saturn shops (Handelsblatt). MediaMarktSaturn generated net sales of around €22.4 billion in the 2023/24 financial year, with approximately 50,000 employees. Online sales accounted for 23.6 per cent of total sales. Approximately 2 billion customer contacts are made each year.
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