Yesterday saw Terra Firma boss Guy Hands testify in his lawsuit against Citigroup, over the EMI acquisition. He repeated his claim that Citigroup’s David Wormsley encouraged Terra Firma to make a higher bid for the music group to head off competition from rival private equity firm Cerberus, despite that company having already pulled out of the bidding. “To sue someone who is a friend and who you’ve worked with successfully is difficult [but] I came to the conclusion we had no alternative,” said Hands. “If [Mr Wormsley] hadn’t made those statements we wouldn’t have been bidding on the Monday morning at all.” During his testimony, Hands also estimated that EMI’s value had fallen to around

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