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In New York Appeals Court, Wachovia Corp. has succeeded in over-turning the emergency order by Justice Charles Ramos issued yesterday in New York State Supreme Court which gave Citigroup Inc. the sole legal authority to negotiate with the bank. Citi announced last Monday they'd be buying some of...
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Wells Fargo trumped an earlier bid from Citigroup in a surprise move to take over Wachovia on Friday. Citigroup had earlier won a government-sponsored auction to buy assets from Wachovia and said it has "substantial" legal rights to the original deal. The bid from Wells Fargo is an all-stock...
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Wells Fargo made a surprise bid for Wachovia Friday and trumped Citigroup who had agreed to buy assets from the troubled bank last week. The Wells Fargo bid is an all-stock $15.1 billion deal that takes over all of Wachovia's businesses. The earlier Citi agreement acquired all of Wachovia's commercial...
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The U.S. government facilitated a takeover of Wachovia by Citigroup on Monday. The agreement is a complex deal that shares liabilities between the Federal Deposit Insurance Corporation (FDIC) and Citigroup while leaving Wachovia holding some of its assets. The FDIC stressed that Wachovia did not fail...