Penguin has proposed to drop the agency eBook pricing model in the European Economic Area following similar deals from Simon & Schuster, Harper Collins, Hachette, and Holtzbrinck last year.
AppNewser has more about the deal, from the European Commission press release:
In the proposed commitments, Penguin offers to terminate existing agency agreements and refrain from adopting price MFN clauses for five years. In case Penguin would enter into new agency agreements, retailers would be free to set the retail price of e-books during a two-year period, provided the aggregate value of price discounts granted by retailers does not exceed the total annual amount of the commissions that the retailer receives from the publisher.