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Citi wants Guy to buy back EMI

GROUNDHOG DAY: In an extraordinary turn of events, Guy Hands has been asked by Citigroup to make an offer—likely to be about 1.6 billion—for EMI, which he already owns…for now, the Mail on Sunday reported. Hands paid 4.2 billion for EMI after borrowing 2.6 billion from Citi. The bank is said to have asked Hands to make a bid after it seizes control this summer. Such a move would amount to a make-good for Hands, who could then get back some of the money that he and his investors have lost—assuming EMI can be sold for a profit. Citi is reprtedly attempting to speed up the process and is believed to have approached Hands and several other prospective buyers, including WMG, about making an offer. (1/24a)

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