Citi Gobbles Wachovia

Schachter, Ken
September 2008
Red Herring;9/29/2008, p4
Trade Publication
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.


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