Media Markt parent arouses interest in China
The retail group Ceconomy has apparently become the focus of the Chinese online retailer JD.Com. There has been no confirmation from the shareholders involved or other major shareholders. Nevertheless, the news has awakened the imagination of investors who are buying the shares.
Speculation about a takeover by the Chinese online retailer JD.Com is driving up the shares of the electronics retail holding Ceconomy. According to a report in "Manager Magazin", the internet giant has put out feelers for the parent company of the Media Markt and Saturn retail chains. Talks are already underway with Ceconomy shareholder Haniel. However, the Duisburg-based family holding company remained silent and did not wish to comment on the report. According to the shareholder structure on the website, Haniel holds 16.7 percent of Ceconomy.
However, other major shareholders have had no contact with JD.Com to date. "JD.Com has not asked us about our stake," said a Freenet spokeswoman. Freenet holds around 6.7 percent of the Ceconomy shares. A spokesperson for the shareholders Beisheim and Meridian said that they do not comment on rumors. JD.Com was initially unavailable for comment. The Meridian Foundation holds 11.1 percent and the Beisheim Foundation 4.8 percent of the voting shares.
The largest single shareholder in Ceconomy is Convergenta, owned by the Kellerhals family, with just under 30 percent. No comment was initially available from them either. There had been repeated takeover speculation in the past about Ceconomy and the holding company's French subsidiary, Fnac Darty. According to insiders, Ceconomy itself had considered swallowing up the French electronics retail chain in the past.
Talks since summer - outcome open
Manager Magazin reported, citing insiders, that talks between JD.Com and Haniel have been ongoing since the summer. Deutsche Bank is involved as an advisor. However, it is still uncertain whether the talks will be concluded in the coming months.
Ceconomy became independent in 2017, when the former Metro Group was split up. At that time, the company started with a price of 9.32 euros per share. At midday on Wednesday, the shares were worth 2.36 euros, an increase of more than 15 percent on the previous day's closing price. Ceconomy CEO Karsten Wildberger had announced in the summer that he wanted to return to the growth path.
After the first nine months of the 2022/23 financial year, Ceconomy reported a loss of 105 million euros on sales of 16.9 billion euros. The chain operates around 1,000 stores in Europe with over 42,000 employees.
The ongoing talks between JD.Com and Haniel, as reported by Manager Magazin, have sparked interest in potential takeovers and mergers involving Ceconomy and its subsidiaries. The news of possible negotiations has led to an increase in Ceconomy's share price, signaling investor interest in potential changes to the company's structure.
Source: www.ntv.de
