Word is that the remaining majors are getting a bit twitchy about other majors merging because any two merging majors would own a massive majority of the market.
According to US based industry site hitsdailydouble that is one explanation for EMI’s recent offers to acquire Warners – even though Warners are in serious talks with BMG – and might also explain EMI and UMG’s offensive stance in suing BMG over Napster and rumours that at least two of the other majors would try to block a Warners/BMG merger via the US or European competition authorities.