China-based online retailer JD.com said on Friday it would not make an offer for British electricals group Currys, days after US investor Elliott Advisors walked away, reports Reuters. JD.com, which was keen on Currys’ store and warehouse network to help it expand in the UK and Europe and counter weak demand in China, had said on Feb. 19 it was evaluating a possible offer.
However, it said on Friday that “following careful consideration,” it does not intend to make a bid. Currys had no immediate comment.
Shares in Currys, which slumped to a session low after the update, were down 5% at 56.3 pence by 14:25 GMT.