|
|
Article: Wells Fargo will acquire Wachovia; The $15 billion deal could serve to boost public confidence in the sagging banking sector. But rival Citigroup threatened to sue.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- October 4, 2008
- Author:
CopyrightCOPYRIGHT 2008 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: CHRIS SERRES; STAFF WRITER
In a single stroke, Wells Fargo & Co. achieved what many thought impossible in recent weeks: It rescued a troubled bank without putting billions of taxpayer dollars at risk.
On Friday, in a dramatic turn of events that could bolster public confidence in the banking sector, Wells Fargo's board of directors approved a $15.1 billion takeover of Charlotte, N.C.-based Wachovia Corp. in a deal that requires no government assistance and scuttles a federally backed deal between Wachovia and Citigroup.
Citigroup threatened legal action Friday, and may sweeten its bid for Wachovia. That could touch off a takeover battle ...