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EMI Builds Hopes for UKpound 900 Million Warner Deal.
Knight Ridder/Tribune Business News, September, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Sep. 22--EMI chairman Eric Nicoli is pressing ahead with talks to buy Time Warner's music division.
He hopes to secure a UKpound 900 million cash-and-shares takeover, pipping German rival Bertelsmann which has been trying to do a deal for months.
Nicoli is thought to have won backing from US private equity firm Blackstone, but this may not be necessary.
He reckons the music group can raise UKpound 600 million cash from a consortium of banks.
The rest could be financed by an equity issue which would leave Warner with a stake of around 25 percent in EMI.
Combining the two businesses would create the world's second largest music group, behind Universal....
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