JD.com is reportedly close to receiving European Commission approval for its planned €2.4 billion ($2.5 billion) takeover of German electronics retailer Ceconomy.
The approval is expected under the EU’s Foreign Subsidies Regulation. The Commission began an in-depth probe in May over concerns that JD.com may have received state support from China.
JD.com submitted an improved remedy proposal to address the regulator’s concerns. After news of the potential approval, Ceconomy shares rose more than 4% in Germany, while JD.com shares posted a modest gain.
The deal’s final hurdle is a foreign direct investment review in Austria.