[IWE] Wachovia gets into buyout brawl
Jay Mehaffey
iwe@warhead.org.uk
Fri, 3 Oct 2008 10:38:51 -0700 (PDT)
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http://www.msnbc.msn.com/id/27005897=0A>Citigroup demanded that Wachovia ca=
ll off a=0Aproposed deal with=0A>Wells Fargo Friday, saying it has an exclu=
sive deal=0Ato buy=0A>Wachovia=A2s banking operations, as the three financi=
al=0Ainstitutions=0A>became embroiled in a banking brawl.=0A=0A=0A>Earlier=
=0AFriday, in an abrupt change of direction, Wachovia=0A>said it has agreed=
=0Ato be acquired by San Francisco-based=0A>Wells Fargo in a $15.1 billion=
=0Aall-stock deal. That deal trumps=0A>Citigroup=A2s plan, announced Monday=
, to=0Aacquire Wachovia=A2s=0A>banking operations.The Wells Fargo deal offe=
rs more to Wachovia share holders and=0Amanagement. In fact, the Wells Farg=
o offer is $15 billion for=0Aall of Wachovia, Citigroups was $2 billion but=
I think only for=0Apart of Wachovia. But because of the government backing=
, the=0ACitigroup deal was nearly free money for Citigroup, so they=0Awon't=
be inclined to let it drop.=0A=0AJay=0A=0A=0A
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<html><head><style type=3D"text/css"><!-- DIV {margin:0px;} --></style></he=
ad><body><div style=3D"font-family:times new roman,new york,times,serif;fon=
t-size:12pt"><div>http://www.msnbc.msn.com/id/27005897<br>>Citigroup dem=
anded that Wachovia call off a=0Aproposed deal with<br>>Wells Fargo Frid=
ay, saying it has an exclusive deal=0Ato buy<br>>Wachovia=A2s banking op=
erations, as the three financial=0Ainstitutions<br>>became embroiled in =
a banking brawl.<br><br> <p class=3D"textBodyBlack"><span id=3D"byLine"></s=
pan>>Earlier=0AFriday, in an abrupt change of direction, Wachovia</p><p =
class=3D"textBodyBlack">>said it has agreed=0Ato be acquired by San Fran=
cisco-based</p><p class=3D"textBodyBlack">>Wells Fargo in a $15.1 billio=
n=0Aall-stock deal. That deal trumps</p><p class=3D"textBodyBlack">>Citi=
group=A2s plan, announced Monday, to=0Aacquire Wachovia=A2s</p><p class=3D"=
textBodyBlack">>banking operations.</p>The Wells Fargo deal offers more =
to Wachovia share holders and<br>management. In fact, the Wells Fargo offer=
is $15 billion for<br>all of Wachovia, Citigroups was $2 billion but I thi=
nk only for<br>part of Wachovia. But because of the government backing, the=
<br>Citigroup deal was nearly free money for Citigroup, so they<br>won't be=
inclined to let it drop.<br><br>Jay<br><br></div></div><br>=0A=0A </b=
ody></html>
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