China Mobile has upped the stakes in the bid to acquire EMI, one of the world's biggest record companies. Its support is added to the efforts of Terra Firma Capital Partners (Terra Firma), a London-based private equity firm, which is seeking to buy up EMI. This rumor emanated from Hong Kong where China Mobile is listed, noting that the company and its English partner would table an estimated 3.2 billion pounds bid to purchase EMI.
However, China Mobile refused to comment with the company headquarters dismissing the rumor saying no such matter had been brought to their attention.
Rumors are also spreading that an agreement may be close between Terra Firma and EMI, with the latter being intrigued at the takeover offer. In addition, it is said that China Mobile is seeking to buy out a major record company, from the list of Warner Music, BMG, Sony Music and Universal Music.
For more details, please read the full story in Chinese.(http://finance.jinghua.cn/c/200707/31/n534639.shtml)
(China.org.cn July 31 2007)
