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OUR speculation last Sunday that British Telecom might bid for Thorn EMI put some sizzle under the shares of the music and TV rental group. A hostile bid might be a little embarrassing. Iain Vallance and Sir Colin Southgate, the respective bosses of BT and Thorn, are close pals. And Vallance's wife Elizabeth sits on the board of a Thorn subsidiary, the HMV shops chain.