EU to mull late EMI offers?
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October 3, 2000: 6:36 p.m. ET
Report: EU committee will look at 11th hour concessions by Warner, EMI
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NEW YORK (CNNfn) - The European Commission will consider last-minute concessions from Warner Music and EMI Group PLC which would clear the way for their proposed $20 billion merger, according to a published report.
The Financial Times Web site reported Tuesday the European Union's Advisory Committee on Mergers will meet Thursday to determine if the concessions offered by the companies are sufficient.
The companies reportedly offered to sell U.K.-based record label Virgin Records and publishing business Chappell Music.
Spokesman Wil Whitehorne said the Virgin Group would likely be interested in buying back the Virgin label if it came up for sale. Virgin Records was sold to EMI in 1992 for $960 million.
"As far as we're concerned, we're not even sure if that's been offered by the EU," Whitehorne said. "Until the EU announces what the conditions are, we're not taking a view one way or another. We're watching what happens with the EU with interest, but it is likely that if Virgin Records comes up for sale that we would be interested in looking at it."
Warner Music's parent company, Time Warner (TWX: Research, Estimates), is also the parent of CNNfn.com.
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