Warner Music Makes Fresh Move For EMI

EMI has revealed that it has been approached by Warner Music in what could turn out to be a takeover bid.

The two firms have previously tried to buy each other several times over the past seven years including moves made in 2000, 2003 and last year.

Last week EMI was forced to issue its second profit warning in two years after a slump in sales but the news of the new takeover bid has today pushed up the companies shares by 7.1%.

EMI, whose artists include Coldplay, Hot Chip, Robbie Williams and Badly Drawn Boy, say they are yet top receive a firm offer.

However, any move could be annulled by the European court in a similar way to the Sony and Bertelsmann’s BMG merger in 2004.