Chinese ecommerce group JD.com has launched a takeover bid for German electronics retailer Ceconomy, in what could be one of the largest Chinese acquisitions in Europe in recent years.
The Beijing-based company said on Wednesday evening it had made a voluntary cash offer of €4.60 per Ceconomy share, with the German retailer’s management and supervisory board backing the proposed deal.
JD.com’s offer values Ceconomy’s equity at about €2.2bn. The bid represents a 23 per cent premium over Ceconomy’s share price immediately prior to media reports last week about JD.com being in takeover talks, the two companies said.
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