E-commerce
JD.com, a Chinese company, withdraws its bid for the British retailer Currys.
China-based online retailer JD.com announced on Friday that it has decided not to pursue an offer for the British electricals group Currys. This decision comes shortly after U.S. investor Elliott Advisors withdrew their interest. Following this update, Currys’ shares plummeted to a session low, down 5% to 56.3 pence by 1425 GMT. JD.com had previously expressed interest in Currys’ store and warehouse network to bolster its presence in the UK and Europe and address sluggish demand in China. Despite initially evaluating a possible offer, JD.com stated on Friday that, after careful consideration, it does not plan to submit a bid. Currys has not issued an immediate response to this announcement.