Citi Ends Negotiation with Wells Fargo on Wachovia
Citi announced this afternoon that "it had reached no agreement with Wells Fargo following several days of discussions about matters related to Wachovia. The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement." The New York Times DealBook reports that Citi will not try to block the Wachovia/Wells Fargo merger.
Separately, the Federal Reserve has announced that it will "immediately begin consideration of the filings submitted by Wells Fargo for approval to acquire Wachovia Corporation."
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