BUZZ-Pearson: rallies after Penguin stake sale

(Updates share price, adds Liberum comment in 4th bullet)

** Britain's Pearson (Amsterdam: PR8.AS - news) (+2%) 2nd top performing blue chip in London on plans to sell part of its stake in book publisher Penguin Random House

** Pearson (Xetra: 858266 - news) to sell 22 pct stake in Penguin Random House to JV partner Bertelsmann for around $1 bln

** Jefferies ("underperform") says retention of a 25% stake (current stake 47%) limits the negative impact from the sale -- 22% stake sale gives 3% EPS dilution

** Liberum ("sell"): "Our view is that Pearson has done a fair job of trying to square the circle of limiting dilution and protecting the balance sheet but that the details of the deal are not great and that the business' fundamental issues are still not resolved"

** Bertelsmann says no plans to buy remaining stake; Pearson subject to 18 mth lock-up period

** Pearson says sale would also enable c. GBP 300 mln share buyback and it now plans to pay a "sustainable and progressive" dividend

** Stock set for best day in 2 mths and among top gainers on Europe's Stoxx 600