TITLE

Citi Gobbles Wachovia

AUTHOR(S)
Schachter, Ken
PUB. DATE
September 2008
SOURCE
Red Herring;9/29/2008, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the decision of Citigroup to acquire Wachovia's banking system for $2.1 billion in a deal brokered by federal regulators in the U.S. Under the transaction, Citigroup will assume $53 billion in debt of Wachovia, whose exposure to mortgage-backed securities had forced the company to put itself on the block. Citigroup beat out rival Wells Fargo in striking a deal for Wachovia. In connection with the deal, Citigroup plans to raise $10 billion in common equity and cut its quarterly dividend to $10 billion in common equity.
ACCESSION #
36632213

 

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