Publishers Penguin and Random House have completed their planned merger and will now be known as Penguin Random House, the largest consumer book publisher in the world. Bertelsmann, parent of Random House, will own 53% of the combined company, while Pearson ( PSO), parent of Penguin, will own 47%. Random House CEO Markus Dohle will become CEO of Penguin Random House, while Penguin CEO John Makinson will become chairman. The new company employs more than 10,000 workers and has 250 publishing imprints. The parent companies first announced the merger in October.
Finnish handset maker Nokia ( NOK) is set to buy Siemens 50% stake in telecoms networks joint venture Nokia Siemens Networks for €1.7 billion ($2.2 billion). Shares of Nokia surged on the news of the cheaper-than-expected purchase price. Nokia will pay €1.2 billion for the stake up front, with the remainder paid as a secured loan a year after the deal's completion. "Nokia Siemens Networks has established a clear leadership position in LTE, which provides an attractive growth opportunity," said Nokia Chief Executive Stephen Elop in a statement. The networks equipment unit is expected to be renamed, although its management team will continue to be based in Espoo, Finland. The deal is expected to close in the third quarter of 2013.