Times Publishing's Penguin deal cleared

Asia-based Times Publishing has received the green light to buy two Penguin Random House units - but with strings attached, the Competition Commission of Singapore said yesterday.

The Fraser & Neave media group must ensure that other retailers get a fair shot at selling books published under the Penguin umbrella once it acquires the international publisher's Singaporean and Malaysian distribution arms.

It will have to apply the same recommended retail prices across the board and must also make sure that discounts are available in a fair, reasonable and non-discriminatory manner, with an independent auditor checking for compliance.

The conditional approval means Times Publishing will now be allowed to proceed with the $8 million buy-out on the strength of its promise to see through and stick to the fair competition terms.- THE STRAITS TIMES