(Update: Citigroup wants merger halted.)
Wachovia today said it is being acquired by rival Wells Fargo in a $15-billion all-stock deal that trumps a competing offer by Citigroup and doesn’t involve the government.
On Monday, the Federal Deposit Insurance Corporation had said Citigroup was buying Wachovia’s banking operations and that the FDIC might absorb some losses on Wachovia’s $312 billion pool of loans.
Citigroup today demanded Wachovia stop the merger with Wells, saying Wachovia breached an exclusive deal reached with Citigroup earlier this week, reports Bloomberg. Read that story HERE.
Here’s some facts on the Wachovia-Wells deal and where to find more info:
Robert Steel, CEO of Wachovia Corp., said in a release, “This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support. The market presence and composition of our businesses, along with our service-oriented cultures...
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Post Date: 2008-09-28 17:38:05
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Post Date: 2008-09-30 08:33:07
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