What cloud?

Future in doubt.

That's the reaction today from EMI Group CEO Eric Nicoli, one day after a European court ruling to void the merger between Sony and BMG cast a cloud of doubt over the ongoing battle between EMI and Warner Music (WMG) to buy each other.

Following EMI's annual meeting, Nicoli told the Times that he was not shocked by the ruling and that there was "no reason" to think that the European Commission would thwart its own takeover bid of WMG.

"We anticipated all the possibilities," he said.

Nicoli emphasized that the court ruling focused on how the European Commission approved that particular deal.

"We wouldn't have made the [takeover] proposal if we felt we could not receive regulatory approval," he said. "There's no reason to think that has changed."

Both companies issued statements yesterday saying they were reviewing the ruling to determine what impact it might have on any potential deal with each other.

But Wall Street made its own opinions clear, with Warner's shares tumbling more than 15 percent on the day. On the London exchange, EMI shares fell more than 9 percent. Both recovered slightly today.