Citigroup Moves Ahead with EMI Acquisition Plan
Citigroup Inc. (NYSE: C) has planned to move ahead with its plan to control music company EMI Group Ltd. The company had reportedly started discussions with various parties involved including British financier Guy Hands.
* Guy Hands owns EMI via his buyout firm Terra Firma Capital Partners LP.
* Citigroup and Terra Firma have refused to issue any comment.
Citigroup and Guy Hands have been involved in lawsuit over the acquisition of EMI Group. EMI is likely to announce disappointing results. The company is expected to experience $200 million pound of shortfall on its borrowings from Citigroup. In case, Guy Hands is not able to make up for such shortfall, the group’s business will transfer to Citigroup.
According to the Wall Street Journal, Hands is currently in talks with various parties including a Canadian pension fund firm, CPP Investment Board. Other potential buyers for the firm include Syco, a firm connected to TV personality Simon Cowell. The other potential bidders are US private equity group Kohlberg Kravis Roberts & Co., Sony Music Entertainment and Warner Music.
Citigroup Inc. is a financial services company. It is operational worldwide. The company provides a large variety of financial products and services such as asset management, advisory, retail banking and treasury solutions. The company also engages in brokerage business as well as in the lending business. Citigroup Inc. offers various kinds of loans such as personal loans and student loans. Citigroup Inc. was incorporated in 1812. The company based out of NYC, New York.
Citigroup stock is currently trading at $4.88. The stock is up 0.93 percent from its previous close. Citigroup stock opened at $4.84 and touched the high of $4.88. The stock’s lowest price in today’s session is $4.83. The company stock’s beta is 2.54.
The company stock has traded in the range of $3.11 and $5.15 during the past 52 weeks. The company’s market cap is $141.66 billion and its P/E ratio is 13.70.
Citigroup had reported its total cash equivalent assets at $414.908 billion for the year ending Dec 31, 2009. Its total assets were worth $1856.646 billion for the same time period. Citigroup had valued its total liabilities at $1703.946 billion. The company had reported its revenue at $80.285 billion and its gross profit for the year at $80.285 billion. Citigroup’s net income for the year stood at ($1.606) billion.
