Bertelsmann 'wants 75% stake in PRH'

Bertelsmann 'wants 75% stake in PRH'

Bertelsmann expects to raise its stake in Penguin Random House to between 70-75%, c.e.o. Thomas Rabe is reported to have told German newspaper Der Spiegel.

Pearson currently owns 47% of the combined publishing house, but said in January that it intended to sell its stake and would be issuing Bertelsmann with an "exit notice".

In an interview, Rabe told Der Spiegel that he expected Bertelsmann to raise its stake to 70% or 75% "as long as the conditions are right", and would look for a long-term partner to back the remaining stake in the company.

Any partner would need to take a long-term view, he said. "Interest is high but we don't want a partner who would soon head out of the door again... There are many institutional investors like pension funds or family trusts who think long-term."