China Mobile Corp expected to buy EMI - report |
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Published
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Mon, 30 Jul 2007 07:45
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BEIJING (XFN-ASIA) - China Mobile Corp, China's biggest mobile telecom operator, is expected to acquire British music company EMI for 3.2 bln stg through Terra Firma, a private investment firm in Britain, the National Business Daily newspaper reported, citing industry sources.The report said that EMI has tentatively accepted Terra Firma's acquisition proposal.The source told the Shanghai-based newspaper that besides EMI, China Mobile also intends to buy another unnamed global music company.Non-state owned Chinese media have previously carried reports that China Mobile will buy EMI through Terra Firma.British media reported this morning that Terra Firma could become the new owner of EMI this week as it held 84.94 pct of the company. It needs to reach 90 pct acceptance to get funding for the deal from its financial backer, Citigroup.susan.wang@xfn.com-xfaws/xfnjanmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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