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NEW YORK (

TheStreet

) -- Billionaire buyout investor Ronald Perelman is vying with four of the world's largest music companies for control of

EMI

, the U.K. music company,

The Financial Times

reported.

The deadline for second-round bids for EMI is this week.

Citigroup

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seized EMI in February from private-equity company Terra Firma.

The bank could get offers on Wednesday in the $1.1 billion to $1.5 billion range for EMI's recorded music business and $2 billion to $2.5 billion for its publishing arm, people involved in the auction told the

Financial Times

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.

Citigroup is expected to name within two weeks a winner of the bidding, but could hold onto EMI if the offers are disappointing, the newspaper said.

Two people involved in the auction said

Warner Music

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, bought for $3.3 billion in May by Len Blavatnik's Access Industries, had yet to decide whether to bid for the whole company, or only EMI's recorded music division.

Perelman's MacAndrews & Forbes is understood to be most interested in EMI's recorded music business, the newspaper said. He could look for a bidding partner interested in publishing, said two people close to the auction, or seek a distribution deal with a larger music company if it wins control of EMI Music.

-- Written by Joseph Woelfel

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Joseph Woelfel

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