Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

Victim of Naked Face-Eater Fights for Life Miami police are quiet on details in the aftermath of gruesome attack »

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

By Nick McMaster, Newser Staff

Posted Oct 3, 2008 11:43 AM CDT

(Newser) – Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Star Trek-Style Needleless Injections Now a Reality

Bloomberg (Source Grid »)

Tug-of-war over Wachovia
Guardian (UK)

Citi has been providing liquidity to Wachovia this week
MarketWatch

Money

Citigroup • Wachovia • Wells Fargo • takeover • buyout • FDIC • financial crisis

More Newser Stories

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

(NEWSER) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and Wells may reach a deal to carve up the struggling bank. More»

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

(NEWSER) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated late last night, would not involve monetary support from the federal government. More»

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(AP) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but has decided not to challenge the Wells Fargo-Wachovia deal in court, the AP reports. More»

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(NEWSER) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200 or 900 points,” said one trader. All 30 of the index's stocks were in the red. More»

Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

(NEWSER) - Citigroup has sued Wells Fargo and Wachovia for $60 billion in damages, alleging the latter breached an exclusivity agreement in agreeing to its sale to Wells. Wells is also charged with violating Citi's right to purchase some of Wachovia's assets under a previous deal, reports Bloomberg. The Wells agreement would also trigger $225 million in executive severance packages, Citigroup says—a bailout no-no. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

Citigroup • Wachovia • Wells Fargo • takeover • buyout • FDIC • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?