Corporate finance business events: EMI

The battle between Citigroup and Terra Firma over the ownership of EMI has been the talk of corporate finance business events for some time.

And it has taken a new twist after Citigroup seized ownership of EMI this week.

Citigroup were the major creditor and will now own all of the 114-year old company.

The bank had previously loaned money to private equity group Terra Firma to help it buy the record label in 2007.

Yet last year Terra Firma owner Guy Hands sued Citigroup, claiming it had tricked him into overpaying for EMI.

The claim was dismissed by a New York judge in October.

Terra Firma has now lost its entire £1.7bn investment in EMI.

Meanwhile Citigroup revealed it will prepare EMI for sale, with likely bidders being rival record labels.

Marcus Evans presents corporate finance business events, created by experienced professionals and with information presented by industry experts.