At least five bids are expected as Citigroup auctions off EMI, with the Financial Times claiming that Universal Music Group, Warner Music Group, BMG and Sony/ATV are all set to throw their hats into the ring alongside a group led by billionaire investor Ronald Perelman. The FT’s report suggests that bids of between $1.1 billion and $1.5 billion are anticipated for EMI’s recorded music business, and between $2 billion and $2.5 billion for its publishing division. WMG may bid for the whole of EMI or just its recorded music division, while UMG is expected to go for just the latter. Sony/ATV is expected to bid for the publishing arm alone, while BMG may do that or go for the entire company. Meanwhile, Perelman’s group is seen as more interested in EMI’s recorded music business. Bids are expected on 5 October, with the FT suggesting the winner(s) could be announced within a fortnight – although current owner Citigroup could still elect to hold on to EMI if the bids do not match its expectations.