Friday, March 01, 2013
Bertelsmann’s Random House Seeks EU Approval for Penguin Bid
Bertelsmann SE’s Random House sought European Union approval to buy Pearson Plc (PSON)’s Penguin unit to create the largest book publisher in the U.K. and the U.S.
The European Commission set an initial deadline of April 5 to rule on the deal, according to a filing on its website today.
The joint venture, named Penguin Random House and to be based in New York, will be 53 percent-owned by Guetersloh, Germany-based Bertelsmann, with London-based Pearson holding the remainder, the companies said in October. Bertelsmann CEO Thomas Rabe said the venture between 77-year-old Penguin and 87-year- old Random House will control about 25 percent of the industry.