Breaking News - Wells Fargo to buy Wachovia, Citi disputes purchase
2008-10-03 17:30:05 (GMT) (Caymanmama.com - Banks & Banking Featured News)
Jackson, Mississippi (CaymanMama.com) — In a breaking news story by the Associated Press, Wells Fargo Bank is seeking to acquire Wachovia for a price tag of $15.1 billion, but Citigroup is making demands that Wachovia call the deal off.
According to the report, Wachovia Bank has said that it agrees to the acquisition by San Francisco-based Wells Fargo & Co. in a multi-billion dollar all-stock deal. However, Citigroup is demanding that demands that Charlotte, N.C.-based Wachovia abide by the terms of its earlier deal to buy Wachovia’s banking operations.
The deal made by Citigroup would have been completed with the assistance of the Federal Deposit Insurance Corp. Still, the Wells Fargo deal could be sealed without the help. Head officials of the FDIC said that the agency is standing behind the agreement it arranged with Citigroup.
Citigroup says its agreement with Wachovia is under the provision that “Wachovia will not enter into any transaction with any party other than Citi or negotiate with anyone else.”
More to come on the Wachovia buyout as it breaks on CaymanMama.com
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