Wells Fargo wins Wachovia

Posted on 9 Oct 2008 by Justin Ruckman

Wells Fargo & Co. has apparently won the battle for Wachovia Corp.

Citigroup has withdrawn from negotiations brokered by federal regulators that sought a compromise to the competing bids from Wells and Citigroup.

The issue is likely to go to court. But Citigroup says it will no longer seek to block Wells’ proposed $15.1 billion purchase of Wachovia.

However, Citigroup does plan to seek damages for Wachovia’s decision to choose Wells over an earlier agreement it had made to sell its banking operations to Citigroup for $2.1 billion.

Read more by John Downey at the Charlotte Business Journal.