Number of EMI bidders lose interest as Citigroup presses ahead with its auction

EMI owner Citigroup plans to press ahead with its auction of the music giant even though a number of bidders have lost interest.

Before last week’s deadline there were ten contenders, but it is understood that a number of private equity firms have dropped out.

The involvement of fewer bidders could mean that Citigroup will struggle to reach its target sale price of about $4billion (£2.56billion).

Universal Music, owned by France’s Vivendi, is understood to be a front runner for EMI’s recorded music division.

Its intention is understood to be to sell elements of the division if necessary to meet competition regulations.

Sources reckon that if the sale goes ahead, EMI could have a new owner by the end of the month.

Source: Daily Mail