In an move to salvage their merger, EMI and Time Warner have submitted a written plan, citing concessions, to the European Union (EU).

The proposal follows a meeting on Monday between EU competition commissioner Mario Monti and top officials at EMI and Time Warner.

Balanced remedies The companies have "proposed a balanced set of remedies" that are "intended to increase competition across the European music industry", EMI said. The joint music venture between Time Warner and EMI has been valued at US$20 billion.

The concession plan proposes selling off some of its record labels and assets in music publishing, though EMI did not name any specific assets it would be willing to part with, an EMI source confirmed Wednesday.

Approval hopes The companies firmly believe that the EU will approve the merger, adding that Time Warner and EMI will continue discussions with the EU until the government body announce its ruling on October 18.

EU officials refused to comment on the proposals, though a report in the Financial Times quotes an insider source as saying the proposals are "in the right direction".