Citi to Wachovia: Not So Fast

Schachter, Ken
October 2008
Red Herring;10/3/2008, p5
Trade Publication
The article reports on a claim by Citigroup that the merger of Wachovia with Wells Fargo violates their exclusivity agreement. A statement issued by Citigroup cited substantial legal rights, which suggested the New York bank could mount a court challenge to the rival deal. To finance the merger deal with Wachovia, which requires shareholder and regulatory approval, Wells Fargo plans to raise $20 billion, primarily through a stock sale.


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