Business Services Industry
Emi Hits High Note on Warner Stake Talk.
Knight Ridder/Tribune Business News, February, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 25--EMI shares rose - not because its newest star Norah Jones scooped the Grammy awards - but on reports that it is close to buying a stake in Warner Music.
The Wall Street Journal believes a deal could cost UKpound 2.5 billion, but would save a fortune in marketing and distribution costs.
EMI rose 6 pence to 114 1/4 pence in anticipation that consolidation is closer for the struggling music industry.
Jesper Jensen, at broker WestLB Panmure, is unconvinced. He doubts whether EMI could raise the money because of existing debts.
He said: "Although such a deal holds significant synergy potential, it seems to ignore EMI's weak balance sheet. Consolidation is bound...
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