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America Online

(AOL)

was up 5.2% at midmorning as

European Union

regulators resumed deliberation on the online giant's proposed acquisition of

Time Warner

(TWX)

in the wake of Time Warner's decision to scrap its joint venture with British music company

EMI

.

Time Warner was up 5%. EMI and Time Warner said they would return to the drawing board to come up with an acceptable plan, but

Sanford C. Bernstein

said it doubts the deal will be renewed.