What is Italy's 'golden power' regime regarding acquisitions?

Italy's 'golden power' regime allows the government to scrutinize and potentially veto or condition deals involving strategic national assets.

Which retail brands does Ceconomy own?

Ceconomy owns the well-known European retail chains MediaMarkt and Saturn.

Why did Italy review JD.com's acquisition of Ceconomy?

Italy reviewed the acquisition because Ceconomy's Italian operations, through MediaWorld, are considered significant strategic assets.

Home / Business and Economy / Italy OKs JD.com's Ceconomy Buyout

Italy OKs JD.com's Ceconomy Buyout

29 Nov, 2025

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Summary

Italy's government has conditionally approved JD.com's planned acquisition of Ceconomy.
The approval leverages Rome's 'golden power' regime for strategic asset oversight.
Ceconomy, which owns MediaMarkt and Saturn, operates in Italy as MediaWorld.

The Italian government has granted conditional approval for JD.com's acquisition of the German consumer electronics company Ceconomy. This approval falls under Italy's 'golden power' framework, which grants the government the authority to vet or impose conditions on transactions involving nationally significant assets. Ceconomy, known for its MediaMarkt and Saturn retail chains, has a presence in Italy via the MediaWorld brand.

The transaction, valued at $2.5 billion, necessitates a change in ownership for Ceconomy's Italian operations. The Italian cabinet has authorized the deal but has stipulated a set of unspecified conditions that JD.com must fulfill for completion. Details regarding these requirements have not been publicly disclosed in official filings.

JD.com, a prominent Chinese e-commerce platform, initiated advanced discussions for a takeover of Ceconomy in July 2025. The proposed offer involved €4.60 ($5.33) in cash per ordinary share. This acquisition sees JD.com, through its subsidiary Jingdong Holding Germany, poised to purchase at least 31.74% of Ceconomy, which collectively operates over 1,000 stores across Europe.