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Wachovia, Citigroup, Wells Fargo extend standstill
2008-10-08
Citigroup and Wells Fargo have agreed to extend their legal standstill in the fight for Wachovia until Friday morning. After the battle for Wachovia moved to both state and federal court over the weekend, the parties had agreed to a cease-fire at the urging of Federal Reserve officials. But that agreement expired at noon Wednesday without a resolution on the fate of Wachovia. Citigroup Inc. agreed last Monday to buy Wachovia's banking operations for $2.1 billion in a deal brokered by the Federal Deposit Insurance Corp. Four days later, San Francisco-based Wells Fargo & Co. stunned Citigroup by announcing that Wachovia's board had agreed to a $15.1 billion buyout. Wells Fargo's deal did not require any government assistance.
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