EMI launch takeover bid

EMI, the leading UK music group, is preparing to launch a cash and shares takeover bid for Warner Music, AOL Time Warner's record business, as early as this week.

A combination of EMI and Warner Music, thought to be worth more than £600m, would create the world's biggest music group and bring together artists including EMI's Norah Jones, Kylie Minogue, Robbie Williams and Coldplay with Warner's Madonna, REM, Craig David and The Corrs.