DUESSELDORF, Germany, July 30 (Reuters) - Talks between
the shareholders of German electronics retailer Ceconomy
over a potential takeover by China's JD.com ( JD )
are on the home stretch, four sources told Reuters, with an
announcement possible on Wednesday evening.
A JD.com ( JD ) spokesperson declined to comment. Ceconomy could
not be reached for comment.
Ceconomy last week confirmed it was in advanced negotiations
over a potential takeover at 4.60 euros per share, which would
value a deal at around 2.2 billion euros ($2.53 billion).
However, the retailer, which owns electronics chains
MediaMarkt and Saturn, said no legally binding agreements had
been signed and it was not certain whether a takeover offer
would happen.
The talks could still fail at the last minute due to demands
from Ceconomy's owners, the sources said.
"It's not quite finalised yet," said one source, adding that
the Ceconomy supervisory board could meet later on Wednesday.
A spokesperson for a major Ceconomy shareholder, the
Kellerhals family, declined to comment.
The MediaMarkt and Saturn brands would give JD.com ( JD ) access to
one of the largest online shops for electronic goods in Europe
and a network of around 1,000 stores in several European
countries. Around 50,000 people work at the two chains.
Ceconomy had annual sales of 22.4 billion euros in its
2023/24 financial year, of which 5.1 billion euros were online.
JD.com ( JD ), which competes with Alibaba ( BABA ) and Amazon ( AMZN )
, had looked at an acquisition of British electronics
retailer Currys ( DSITF ) last year.
Fitch Ratings on Wednesday said the takeover could bolster
Ceconomy's credit profile, by leveraging the latter's stronger
credit profile and global reach.
($1 = 0.8708 euros)