Snit in the Citi on Wells’ unwelcome offer
With its stock down 18%, Citigroup is trying to keep its federally backed deal to buy Wachovia’s banking unit alive amid a competing offer Friday from Wells Fargo.
This past Monday, Citi seemed to have scored a major coup when it agreed to acquire Wachovia’s 3,300 branches for a mere $1 a share, or $2.16 billion.
The Federal Deposit Insurance Corp., which helped broker the deal, promised to cover any losses above $42 billion on Wachovia’s trouble
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