JD.com offers EU remedies in Ceconomy takeover probe amid China dispute

Chinese e-commerce giant JD.com has offered remedies in the European Union's probe of its $2.5 billion bid for German electronics retailer Ceconomy, according to an EU regulatory filing. The European Commission opened a full-scale investigation into the deal in May under the Foreign Subsidies Regulation, citing concerns that JD.com might have received foreign subsidies that could distort the bloc's market. JD.com was hit with a formal notice of regulatory concerns over its bid last month.

This development occurs amid an escalating dispute where China has blocked domestic entities from assisting the EU probe, with China's Ministry of Justice stating the investigation constituted "improper extraterritorial jurisdiction" and ordering entities not to implement or assist with the probe. China's commerce ministry had previously warned of potential retaliation against the EU's investigation.