Freshfields Bruckhaus Deringer and Clifford Chance (CC) are in pole position to take the lead roles on a £2.5bn bid as private equity houses line up to acquire the music giant EMI.

The company confirmed on 28 November that it had received a preliminary approach, thought to be from private equity house Permira.

A formal bid would hand a major role to Freshfields, which advised EMI on its aborted $4.2bn (£2.3bn) bid for US rival Warner Music earlier this year, which floundered on European competition issues.