Warner pull-out puts financier in EMI driving seat

Financier Guy Hands came a step closer to landing music group EMI today after US company Warner Music ruled out a bid for the firm.

Mr Hands’ private equity firm Terra Firma launched a recommended £2.4bn (€3.6bn) bid for the group in May, but has so far received support from fewer than 4% of shareholders amid anticipation of a counter offer from Warner.