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FINANCIAL NEWS
Abu Dhabi’s Mubadala joins Sony’s USD2.2b bid for EMI
28 Feb 2012
(MENAFN) Abu Dhabi’s Mubadala joined a Sony-led investment group’s takeover bid of EMI Music publishing for USD2.2 billion. Subject to the European Union approval, Arabian Business reported.
If the acquisition deal was given the green light, it will create the world’s second-biggest music catalogue.
EMI Music publishing, which is part of EMI Group, and has contracts list that includes popular acts such as Coldplay, George Michael and Kylie Minogue.
The European Commission set an initial deadline of April 2 to rule on the deal.
Sony confirmed in October it had secured financing from Mubadala for its bid for EMI, an acquisition that would beef up its content catalogue as it struggles to compete with Apple.
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