More EMI takeover rumours

Former EMI Group CEO Jim Fifield is reportedly in the middle of raising money via the Qatari royal family in a bid to make a competing bid to buy his former employer. Fifield was originally involved in the EMI takeover bid being made by private equity types Corvus but, as reported yesterday, they have backed away from the bidding war now that the EMI board have named rivals Terra Firma as their preferred buyer. But Fifield is still keen to win ownership of the London based major, and is now planning a bid with funds from other sources, mainly, as I say, the Qatari royal family. According to the New York Post, who have been reporting on Fifield's EMI takeover plans, if he does win ownership he is thinking of splitting up the Group and selling off the publishing bit to Charles Koppelman, the chairman of the Martha Stewart corporation. Given those plans he is never likely to win support for his bid from the existing EMI Group board, so he'd need to win over shareholders with a good offer to outbid the board preferred Terra Firma.