By Sonya Rabbitte, 26 June 2000 16:41
NEWS The planned merger between EMI and Warner Music has been approved today by EMI shareholders after a consortium of counter bidders pulled out. Reports last week suggested a group led by Spanish telecom group Telefonica - and rumoured to include German media group Bertlesmann and an unnamed US financial institution - were planning a £9bn cash counterbid. EMI chairman Eric Nicoli denied this in a statement on Friday, saying no alternative bids had been received. However, a report in Monday's Financial Times said the consortium had withdrawn their bid before the extraordinary meeting because they could not come up with the finance. Shareholders voting by proxy cast their votes on Saturday with 99 per cent in favour of the $20bn merger.
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