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Warner Music in fresh approach for EMI
2007-02-20
EMI Group, the struggling British music company, has said that it has received a new takeover approach from US rival Warner Music. EMI, which has issued two profit warnings since mid-January, said Tuesday there was no firm proposal for the board to consider and added there was no certainty that the latest approach would lead to a formal offer. "Further to recent press speculation, EMI Group... confirms that it has received an approach from Warner Music Group," EMI said in a statement. EMI and Warner Music had last year each tabled and rejected proposed takeover bids of about 2.5 billion pounds (3.7 billion euros, 4.9 billion dollars) for each other. Later in July 2006, the pair said they would sit tight following a move by the European Union's second-highest court to cancel the European Commission's approval of the mega music merger which was to create Sony BMG. A combination of EMI and Warner would create the world's third-biggest music company behind Universal Music and Sony, and would count Coldplay, Madonna, Eric Clapton, Eminem and Scissor Sisters among its roster of artists.
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