EMI may face a takeover

Music group EMI confirmed yesterday it had received a preliminary takeover approach, sending shares up by more than 10%. The company, one of the world's four largest music groups, with a sought after music publishing division, did not name the potential bidder but speculation centred on the private equity group Permira.

Reports that Kohlberg Kravis Roberts and Goldman Sachs were in discussions with the group were dismissed by City sources. Last night the company's executives were locked in talks with their advisers at Deutsche Bank, amid expectations that the approach could flush out other bidders.

The story is on "The Guardian".

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