Chinese e-commerce giant JD.com has accepted the terms set by Bercy to indirectly become Fnac Darty’s second shareholder, Economy Minister, Roland Lescure, told France Inter on Wednesday. Emphasizing that Fnac is not “not a trader like the others”, Roland Lescure admitted that he had spoken with the JD group. com for “raised awareness of the cultural nature of the trade in question and (…) set conditions. They accepted them.”
“The conditions are very simple, he explained. They will remain shareholders (…) inactive, no governance rights, no impact on company management. » “We are moving from German shareholders to Chinese shareholders, which will have no impact on management or governance,” he added.
JD promises not to increase its holdings in Fnac capital
JDcom, which wants to strengthen its presence in Europe, is in the process of completing the acquisition, for 2.2 billion euros, of German distributor Ceconomy, which holds 22% of the French distributor’s capital, making it the second shareholder behind Czech billionaire Daniel Kretinsky (28%). In September, facing the expected arrival of JD. com in the capital Fnac Darty, the Ministry of Economy has asked Chinese groups to submit a request for inspection under the control of foreign investment in France (IEF), and they did so.
Procedures aimed at safeguarding France’s economic interests in certain sensitive sectors ultimately did not apply in this case, Bercy explained to AFP, adding that he was still asking JD. com to respect certain conditions as part of the operation.
Among the latter, in addition to non-intervention in management, “JD and Ceconomy have vowed not to increase their holdings in Fnac capital” and did not take control of it, according to the Ministry of Economy. “Fnac’s governance, consisting of independent directors, will not be changed”he added.
Fnac Darty general director Enrique Martinez said on Wednesday that he “Noting the announcement of the Minister of Economy and Finance as well as the guarantee obtained by the government from JD.com in the event that the acquisition of Ceconomy is completed. “Economy is not represented on the board of directors and will have no direct or indirect influence on the governance of our group, so it can continue to implement its strategic roadmap,” he added in a written reaction sent to AFP.
JDcom has also launched the Joybuy online sales platform in France, where you can find all kinds of products, from electronics to clothing, including food.
