In an announcement, the Canadian Competition Bureau with the Department of Canadian Heritage confirmed the issuance of a clearance for the planned merger between the Penguin Group and Random House. The approval of the merger was issued without conditions according to the regulatory authorities.
The parent companies of the two publishing houses, Bertelsmann and Pearson respectively, welcomed the decision of the Canadian regulatory authorities, callingit another step in the completion of the creating of Penguin Random House.
The new publishing group would have Bertelsmann own 53% and the remaining shares would be under the name of Pearson. The new entity, Penguin Random House, would cover all publishing units located in the US, the UK, Canada, Australia and New Zealand, India and in South Aftrica. It also covers Penguin's interests in China and Random House's publishing business in Spain and in Latin America.
All the necessary approvals from the US Justice Department, Australian and New Zealand regulatory authorities and the EU Commission were obtained prior to the approval of the Canadian authorities.
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