The Battle For Wachovia Continues

Citigroup and Wells Fargo have gained another two days to continue battling over who gets what of Wachovia's assets after urging the US district court in Manhattan to suspend federal litigation further. 'There are negotiations between Wells Fargo and Citigroup about a possible grand solution that would preserve the shareholder value for Wachovia as represented by the Wells Fargo deal,' said Wachovia lawyer David Boies. The litigation standstill has been extended until the morning of October 10. Citigroup first offered US$2.16bn for Wachovia's banking operations, which was later trumped by Wells Fargo's offer of US$15bn for the entire company.

To read the full article, please choose one of the following options: