“British music company EMI Group announced Tuesday it has received an approach from Warner Music Group that could lead to a possible takeover. But EMI said it had not received any firm acquisition proposal,” CNBC and Reuters report. “The news is the latest twist in a seven-year battle in which the two music groups have tried to buy each other.”
CNBC and Reuters report, “EMI and Warner Music first tried to merge in 2000 and again in 2003. Last year, they were locked in a $4.6 billion battle to buy each other, but hopes of a deal were quashed in June when a European court annulled approval of the 2004 merger of Sony’s Sony Music and Bertelsmann’s BMG. That ruling cast doubt on whether EMI and Warner Music would get regulatory clearance, and the companies abandoned talks until there was more clarity from antitrust regulators.”
Full article here.
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