Freshfields Bruckhaus Deringer and Herbert Smith are gearing up for the latest instalment of the takeover saga between US media giant Warner Music Group and UK rival EMI.

Both companies confirmed Warner has made a new approach for EMI, although a formal offer has yet to be made.

Warner – one of the largest music companies in the world – has been advised in the past by Herbert Smith corporate partners James Palmer and Alex Kay.

Freshfields corporate partner Mark Rawlinson and competition partner Rachel Brandenburger oversee the magic circle firm's relationship with EMI.

The new approach is the latest in a series of tit-for-tat bids between the companies over the last seven years and comes just weeks after EMI announced that Chris Ancliff would be replacing Clive Ashcroft as its new general counsel. Ashcroft relinquished the role to concentrate on his duties as company secretary.

The latest bid will be closely watched by Bertelsmann Music Group and the music division of Sony, whose own controversial merger was halted by a European court ruling last year.