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Article: United States: Wells Fargo buyout of Wachovia is cleared.
- Article from:
- TendersInfo
- Article date:
- October 13, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. 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)
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Byline: sander03
Federal antitrust regulators cleared Wells Fargo & Co.'s $11.7-billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank.The rapid approval comes a day after New York-based Citigroup Inc. walked away from its own efforts to buy Wachovia. Late Thursday, Citigroup broke off talks with Wells Fargo and federal regulators after the suitors failed to reach an agreement over how to split up the bank.San Francisco-based Wells Fargo & Co. said it would proceed with the purchase and planned to complete the deal by the end of the fourth quarter. The acquisition still needs the approval of Wachovia shareholders.
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