Guy Hands, the founder of private equity group Terra Firma, on Thursday lost his multi-billion dollar lawsuit against US bank Citigroup in New York, which he brought after he alleged one of its senior bankers misled him over his 2007 takeover of the music group, EMI. Here Financial News profiles the history of the troubled deal.

• 1931: Electric and Musical Industries is formed from the merger of the UK Columbia Graphophone Company and the Gramophone Company