Chinese e-commerce giant JD.com has dealt a blow to British electronics retailer Currys by walking away from a potential takeover.

This withdrawal follows a similar move by US investment company Elliott Advisors, leaving Currys to navigate its future course independently.

JD.com’s interest in Currys was said to have stemmed from a desire to expand its European footprint. The company’s brick-and-mortar presence in China faces increasing competition, and Currys’ established store and warehouse network across eight European countries offered a tempting solution.