Ceconomy, the owner of electronics-retail chains MediaMarkt and Saturn, saw its shares soar after reports emerged that Chinese e-commerce giant JD.com is considering acquiring a stake in the company.
According to the German business journal Manager Magazin, JD.com has been engaged in discussions with major Ceconomy shareholders, including Haniel and Meridian, since the summer regarding a potential acquisition. The talks reportedly revolve around the purchase of their share packages.
At 12:15 GMT on Wednesday, Ceconomy’s shares experienced an impressive 14% surge, reaching EUR2.35.
When contacted by Dow Jones Newswires, Ceconomy, Haniel, as well as the Meridian and Beisheim foundations declined to comment on the matter. On the other hand, JD.com has yet to respond to inquiries made outside of Chinese business hours.
Haniel currently holds a 16.7% stake in Ceconomy, while Meridian possesses an 11.1% shareholding. Additionally, Beisheim’s interest amounts to 4.8%, as indicated on Ceconomy’s website.
Ceconomy, which operates approximately 1,000 Saturn and MediaMarkt stores, was established in 2017 after spinning off its consumer-electronics business from Metro AG.
Given the surge in Ceconomy’s shares and the ongoing acquisition rumors, investors are eagerly awaiting further developments in this potential partnership.