Both companies are valued at roughly the same amount - $3bn, with publishing divisions likely to be sold for about $1.8bn, and, according to sources, Citi is keen for EMI not to get left behind in the bidding process.

Among the interested parties in the UK music group are Universal Music Group, Sony and private equity firm Apollo as well as Ron Burkle's Yucaipa company and Len Blavanik's Access Industries. The latter two are also into the second round of ...