Investor's Business Daily (10/14/08) P. A2
The Federal Reserve has given its approval to Wells Fargo's acquisition of Wachovia for $11.7 billion, which Wells Fargo hopes to finalize by the end of the year. Wachovia shareholders need to give the deal the green light before it can proceed. Meanwhile, Citigroup say it has no plans to challenge the acquisition in court. However, the bank will seek damages totaling $60 billion for breach of contract, having bid $2.1 billion to purchase Wachovia's banking operations prior to the deal with Wells Fargo.
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