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Analysts say they ate underwhelmed by reports of renewed merger talks between Warner Music Group and EMI, dismissing them as "noise".
The speculation, which sent the UK major's share price soaring to a new 52-week high of 294p last week, added no new details to what is already known--that EMI and Warner have had and are likely to continue to have negotiations about merging.
Although reports suggested EMI had lined up Citigroup and UBS to assist with these talks, those companies--along with many others--are already advisors to the group.
It is also understood that there are no current negotiations, although sources suggest that situation could change at any time. One source believes that both music groups would probably be unwise to get in too deep before the Court of First Instance makes its judgement on the 2004 Sony/BMG merger, which was challenged by European independents' group Impala last autumn. The court ...