EMI Group Says It Will Delist From LSE Sept. 18
Posted: August 21, 2007
LONDON (AP) -- EMI Group PLC, the British music publisher whose roster includes The Beatles and Coldplay, said Friday it will delist its shares on the London Stock Exchange on Sept. 18 after its 2.4 billion pound (US$4.9 billion) takeover by private equity group Terra Firma Capital Partners.As of Thursday, Terra Firma, run by financier Guy Hands, held 94 percent of EMI.
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EMI shares rose 0.6 percent to 264.75 pence (US$5.25) on the London Stock Exchange. Terra Firma won EMI after the company's on-again, off-again suitor Warner Music Group Corp. ruled itself out of the bidding for the London-based company. Music companies have been looking to consolidate as the market for CDs declines rapidly. EMI has struggled more than most and has cited disappointing North American CD sales. Analysts say the industry's overall woes do not entirely explain EMI's performance, pointing out that Warner and Universal have weathered the storm better. They highlight EMI's persistent weakness in the United States, lack of promising new tunes and internal control problems. |
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