EMI Wants EU to Clear Merger in a Month

EMI Group, the third-largest music company, wants the European Commission to clear its merger with Bertelsmann’s music business in a month or it will call off the transaction, the Financial Times reported, citing unidentified merger negotiators. “We want to be able to get through in phase one or there will be no deal,” an unidentified negotiator said. Phase one clearance means approval will be secured within 30 days, the paper said. EMI, whose artists include the Spice Girls and the Beatles, said Nov. 21 it had a fiscal first-half loss because of costs related to a scrapped merger with Time Warner Inc.’s music unit.