UPDATE 1-One Equity in $6 billion approach for EMI -

Thu May 3, 2007 8:25pm EDT

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LONDON May 4 (Reuters) - U.S. private equity firm One Equity Partners has approached EMI Group EMI.L about a takeover that could value the world's third largest music company at more than $6 billion, the Financial Times reported on Friday.

One Equity, a unit of JPMorgan Chase and Co. (JPM.N), was understood to have sent a letter expressing its interest to EMI's board last month, the FT said without citing sources.

The newspaper said it had initially incorrectly put the value at 6 billion pounds ($12 billion).

A comment was not immediately available from EMI.

The FT said it was unclear whether EMI had responded to the letter or whether One Equity would proceed with a full offer.

The London-based music company, home to Robbie Williams and Coldplay, rejected a 2.1-billion-pound ($4.2 billion) cash takeover proposal from Warner Music Group WMG.N in March, saying the price was inadequate and not in the best interests of its shareholders.

EMI had said it would consider any bid in terms of the price offered and whether it would be approved by European regulators.

The FT reported on Feb. 22 EMI was in talks with private equity firms including One Equity as potential alternatives.

((Reporting by Deborah Haynes, editing by Toni Reinhold; e-mail: Deborah.Haynes@reuters.com; tel: +44 207 542 7717))

($1=.5018 Pound) Keywords: EMI ONEEQUITY/APPROACH

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