Sir Richard Branson mulls joint bid for Virgin Records The entrepreneur has reportedly held talks with Patrick Zelnik, who launched Virgin Records in France in the 1980s and now runs an independent label. Mr Zelnik said he could make a move for Virgin if Universal Music decides to hive-off the EMI-owned label to secure regulatory approval for its £1.2bn takeover of the British music group. "If Universal is ready to sell Virgin Records, then Richard Branson will support a transaction and support me in doing it," Mr Zelnik told the Financial Times. "He wants Virgin to be in my hands," he added. The French company, currently the world's largest music publisher, is expected to present a plan to hive-off Virgin Records this week to the EU in order to avoid a level of market dominance that would halt its takeover bid. Sources told the FT that Sir Richard would only take a small stake in such a deal. Richard's a good businessman. He has to see the business plan and the price before committing," one said. The EU has been investigating the EMI deal since February and had given the record company a July deadline to reply to a 194 page statement of objections sent last month.