Wells Fargo: Wachovia merger still on
Wells Fargo & Co. of San Francisco said late Thursday that it is proceeding with its proposed acquisition of all of Wachovia Corp. of Charlotte, N.C.
Wells Fargo & Co. of San Francisco said late Thursday that it is proceeding with its proposed acquisition of all of Wachovia Corp. of Charlotte, N.C.
The deal, which Wells Fargo said was scheduled for completion by the end of the year, would include Wachovia Securities LLC of St. Louis.
Earlier Thursday, Citigroup Inc. of New York said it had broken off talks with Wells Fargo about how to divvy up Wachovia’s assets.
Citigroup is still pursuing a lawsuit against Wells Fargo.
The suit claims the San Francisco bank interfered with Citigroup’s own agreement with Wachovia, announced Sept. 29, to take over Wachovia’s banking assets.
Citigroup has said it will not try to stop Wells Fargo’s acquisition of Wachovia.
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