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| Version 0 | Version 1 |
|---|---|
| EMI receives Warner bid approach | EMI receives Warner bid approach |
| (10 minutes later) | |
| Music group EMI says it has received an approach from US rival Warner Music that could lead to a takeover bid. | Music group EMI says it has received an approach from US rival Warner Music that could lead to a takeover bid. |
| The move is the latest twist in a battle which has seen both firms try to buy the other in the past seven years. | |
| The new move by Warners comes after EMI issued a profit warning last week - its second of the year. | |
| EMI - whose artists include Coldplay and Robbie Williams - said profits for the year to March would be "significantly" below expectations. | |
| The company said sales in its recorded music division were expected to be 15% lower than the year before, with sales in its North American division down 20%. | |
| Competition question | |
| Previous attempts to merge EMI and Warners - the first coming in 2000 with another in 2003 - have come to nothing. | |
| Last year, both companies made attempts to buy the other, but the moves were scrapped following regulatory fears. | |
| In June 2006, a European court annulled approval of Sony Music's 2004 merger with Bertelsmann's BMG, and worries over whether authorities would allow an EMI-Warners tie-up caused the firms to scrap talks. | |
| Announcing the new approach from Warners, EMI said that it had not yet received an offer and added there was no certainty that a bid would be made. |