Ceconomy Says Austria May Block JD.com’s Purchase Offer

Austrian authorities have so far declined to approve Chinese e-commerce firm JD.com Inc’s offer to acquire Germany’s Ceconomy AG, throwing the broader €2.2 billion ($2.5 billion) deal for Europe’s largest consumer electronics into doubt.

“With respect to the FDI clearance in Austria, it is currently uncertain whether and, if so, when such clearance will be granted,” Ceconomy said in a statement Friday, adding that it remains in talks with Austria’s economy ministry. “The Austrian Federal Ministry of Economy has expressed concerns regarding the approvability of the transaction and refused to engage in a joint solution-finding process.”