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.

Former EMI chief executive Jim Fifield today kept alive speculation that he might gatecrash an agreed £2.4bn (€1.8bn) takeover of the music giant.

EMI’s takeover by private equity firm Terra Firma survived a scare today after reports said a rival buy-out group planned to gatecrash the deal.

EMI’s former chief executive Jim Fifield was today reported to be planning a counterbid for the beleaguered music label, just days after Terra Firma unveiled an agreed offer for the firm.

A FINANCIER best known for his attempt to buy the British Co-op consumer services group now has insurer Royal & Sun Alliance (RSA) in his sights, it was reported yesterday.