Billionaire claims world’s biggest music company has suffered due to postponement of US listing

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Billionaire Bill Ackman’s hedge fund has offered to buy Universal Music Group (UMG) in a deal that values the world’s biggest music company at more than €50bn (£44bn).

Pershing Square, the New-York based hedge fund, has offered to buy the business, which is home to artists including Taylor Swift and Elton John, in a cash and stock deal.