By Aoife White - Feb 27, 2013 - Bloomberg
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.
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