JD.com has offered remedies to address EU regulatory concerns over its $2.5 billion bid for German electronics retailer Ceconomy, according to EU regulatory filings.
The Chinese e-commerce company has proposed measures to address concerns raised by the European Union as part of its probe into the deal, according to documents from European regulators.
The filing did not specify the remedies offered.
The European Commission opened a full-scale investigation into the deal in May under the Foreign Subsidies Regulation (FSR), which targets unfair foreign state aid and aims to prevent distortions of competition in the European market caused by government support received by companies from third countries. The Commission expressed concerns that JD.com might have received foreign subsidies that could distort competition in the EU.
In July, European regulators issued JD.com a formal notice of regulatory concerns over its bid.
The development comes as tensions between Beijing and Brussels over the deal have intensified. On Wednesday, China said the EU's investigation constituted “improper extraterritorial jurisdiction” and ordered Chinese entities and companies not to implement or assist with the probe.
Source: Reuters
