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 ( C) 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. 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 ( WMG), 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 >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.