Federal Ministry of Economics Approves JD Takeover of MediaMarktSaturn with Conditions

Conditions on Data Protection and Control Rights

The approval followed an investment review procedure in which the authority examined whether the takeover would impair the public order or security of the Federal Republic of Germany. The approval now granted marks a key intermediate step in the months-long approval process, involving authorities in several European countries.

The Federal Cartel Office had already cleared the acquisition last September. According to the office, there are no competition law concerns, as JD.com has so far only been active in Germany to a limited extent. With the current decision from the Federal Ministry of Economics, the investment control law component is now added, focusing on the question of security and data protection.

Economic Significance of Ceconomy

According to its annual report, Ceconomy is active in more than 1,000 stores in eleven European countries, around 400 of which are in Germany. In the fiscal year ending in September, the company generated revenue of 23.1 billion euros. Worldwide, the group employed around 50,000 people in 2024, of which nearly 20,000 were in Germany. Ceconomy is valued at around 2.2 billion euros in the transaction.

The retail company Ceconomy, which today includes the MediaMarktSaturn Retail Group, was created in 2017 as a spin-off from Metro. The first Saturn store opened in 1961 in Cologne, and the first MediaMarkt in 1979 in Munich. MediaMarkt had taken over competitor Saturn in 1990, before Metro AG held a majority stake in both brands some years later.

MediaMarktSaturn is regarded as Europe's largest electronics retailer and is the fourth-largest online shop in Germany after Amazon, Otto, and Zalando. Saturn stores now exist only in Germany. Through the takeover, JD.com would gain access to large online shops, their data and technology, as well as over 1,000 stores.

JD.com: China's Largest Online Retailer

On the buyer's side stands JD.com, with annual revenue of nearly 159 billion US dollars (2024), according to the research institute EHI, the largest Chinese retail group and also one of the ten largest worldwide. The group, which has around 570,000 employees, is active in areas including technology, logistics, and healthcare. In March of this year, JD.com also launched the online shop Joybuy in Germany.

JD.com made a takeover offer last summer and secured a majority of Ceconomy's shares a few months later. With a successful completion, the Chinese company could expand its European business in competition with Alibaba or Amazon. JD.com intends to take the Düsseldorf-based holding off the stock exchange in the event of an approved takeover.

In addition to Germany, France and Italy have already given the green light. Authorities in several countries are reviewing the takeover, with competition law or investment control law aspects taking center stage, depending on national law. Decisions from Spain and Austria are still pending.

Further Reviews in Europe

The decisive hurdle now lies in Brussels: The European Commission is examining the deal on suspicion that JD.com is financing the purchase with the help of subsidies from the People's Republic. The Commission's approval is a prerequisite for a change of ownership. Under EU law, the authority has until 2 October to reach a final decision.

EU Commission Examines Possible Subsidies

After a first investigation, the EU Commission expressed preliminary concerns and is now examining the case in greater detail. "Die vorläufige Untersuchung deutet darauf hin, dass JD.com möglicherweise ausreichend ausländische Subventionen erhalten hat, die den EU-Binnenmarkt verzerren", the Brussels authority said at the end of May 2026. Possible distortions of competition in the European single market are also the focus of the review.

JD.com rejected this and pushed back against allegations that the purchase was being financed with Chinese state subsidies. The company points to the approvals already granted and is confident that the EU Commission will ultimately give its consent as well. JD.com expects full clearance in the second half of this year.

The German government had repeatedly classified the multi-billion-euro deal as security-relevant. The conditions on data protection and the far-reaching control rights are intended to prevent sensitive information about German customers from falling into the wrong hands. Should JD.com violate the conditions, the approval can be revoked.

Observers interpret the Berlin decision as a signal to international investors that investment controls in Germany are exercised with a sense of proportion, but with clear red lines. The final assessment remains the responsibility of the EU Commission, whose subsidies review is regarded as setting the direction for future takeovers from third countries.