Wachovia Wants Wells Fargo Buyout

Wachovia Buyout Wachovia favors $15 billion buyout from Wells fargop over patrial buyout from Citigroup
by Associated Press
Published: Sun, October 05, 2008 - 12:50 pm CST Last Updated: Sun, October 05, 2008 - 12:53 pm CST
NEW YORK (AP) - Despite a judge's order temporarily blocking the
deal, Wachovia Corporation says it's going ahead with an almost 15
billion dollar agreement to sell itself to Wells Fargo.
Wachovia says it doesn't think the judge's order "has any
effect on the validity" of the deal.
Citigroup, which had an earlier agreement to buy Wachovia's
banking operations for 2.1 billion, is trying to stop the buyout.
It struck its deal with the help of the FDIC, which says it stands
behind the arrangement.
A spokeswoman for Wachovia says the bank believes the agreement
with Wells Fargo to buy all of the company is "in the best
interest of shareholders, employees and the American taxpayers."
She says Citigroup is free to make a better offer, if it wishes.
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