Wachovia Nabs A.G. Edwards

Bank could make a better offer; may sue Wells Fargo

(NEWSER) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec. More»

$96B offer dwarfs Barclays proposal, but legal woes persist

(NEWSER) - Refusing to take no for an answer, a coalition led by Royal Bank of Scotland today submitted a renewed $95.6 billion bid for ABN Amro. The offer overshadows a competing $86 billion offer from Barclays, but legal wrangling over the sale of LaSalle Bank continues to bog down the RBS group's proposal, the Wall Street Journal reports. More»

The consensus: 'Ma Bell is back'

(NEWSER) - Reactions to the surprise AT&T-T-mobile merger are pouring in, and, not surprisingly, most conclude this isn't a good thing for consumers:

• The Bell telephone system—"aka AT&T"—was broken up in 1984 to increase competition, and the US telecommunications market was deregulated in 1996, again to increase competition. But this merger "effectively restores Ma Bell to her former girth yet allows the company to operate in a looser regulatory environment," writes David Lazarus in the Los Angeles Times . "Consumers might wonder if they've been played. ... Ma Bell is back," and the only thing left for federal regulators to do is instill "new rules that address the shortcomings of our failed experiment in deregulation."

Court order says bank must only deal with Citigroup, for now

(NEWSER) - In a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US bank, Reuters reports. Wells Fargo argues that its deal is legal and best for Wachovia and taxpayers. More»

After initial no, Bay Area bank buys out troubled lender

(NEWSER) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal. The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the San Francisco bank will buy 100% of Wachovia, while Citigroup only wanted a fraction. More»