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EMI receives Warner bid approach EMI receives Warner bid approach
(about 2 hours 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 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. The new approach by Warner Music 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. However, EMI - whose artists include Coldplay and Robbie Williams - said it had not received a firm offer and added there was no certainty one would come.
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%. News of the approach pushed EMI's shares up, and in early morning trade they were 15.75 pence, or 7.1%, higher at 237.25p.
Competition questionCompetition question
Previous attempts to merge EMI and Warners - the first coming in 2000 with another in 2003 - have come to nothing. Previous attempts to merge EMI and Warner Music - 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.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. class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/23438/intraday.stm">See EMI's share price
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. 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 end talks.
Last week, EMI - the world's third-largest music group - said that profits for the year to March would be "significantly" below expectations.
It 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%.
Along with other music companies, EMI has been hit by the trend of consumers downloading individual songs from the internet rather than buying whole albums in physical form.
The label has also seen disappointing sales of major releases such as Robbie Williams' Rudebox.
At the weekend, the Sunday Times reported that EMI was planning a financial overhaul which would see it borrow £1bn against its publishing business in order to pay off more expensive debt elsewhere in the group.