Citigroup

Citigroup abandons bid for Wachovia and seeks damages

The Irish Times (Free subscription) | 3 hours ago

CITIGROUP SAYS it is walking away from talks to divvy up Wachovia bank's assets with Wells Fargo, adding that it would seek damages from the other two banks, but not seek to bar a Wells Fargo takeover of Wachovia from proceeding.

• Federal regulators clear Wells Fargo-Wachovia deal - Indy Star
• Wells Fargo OK'd On Buy - Tampa Bay Online
• See the 176 articles on the same subject

Citigroup abandons battle for Wachovia

ireland.com (Free subscription) | yesterday

Citigroup abandoned its brief but acrimonious battle with Wells Fargo & Co over Wachovia, one of the United States' largest banks, losing out on a deal crucial to strengthening its retail banking business but vowing to pursue up to $60 billion in legal claims.

Wachovia "pleased" Citigroup ends talks on merger

Reuters UK (Free subscription) | yesterday

NEW YORK (Reuters) - Wachovia Corp is pleased Citigroup had ended efforts to stop it from merging with Wells Fargo & CO , the North Carolina based bank said in a statement on Thursday.

Financial Crisis Citigroup calls off Wachovia takeover bid

The Telegraph (Free subscription) | yesterday

Citigroup has called off its battle for control of Wachovia as the US government appeared to be extending plans to buy shares in ailing financial institutions.

Citigroup ends Wachovia dispute

BBC News (Free subscription) | yesterday

US financial giant Citigroup says it will not seek to bar Wells Fargo from taking over troubled bank Wachovia.

Citigroup abandons Wachovia takeover and leaves Wells Fargo to take control

The Independent (Free subscription) | yesterday

Citigroup abandoned its government-backed takeover of rival US bank Wachovia last night, ceding control of the tottering institution to Wells Fargo, a smaller bank which made a private bid for the company late last week.

US Federal Reserve Statement On The Efforts Of Citigroup And Wells Fargo To Reach An Accord Regarding The Acquisition Of Wachovia Corporation

Mondo Visione (Free subscription) | yesterday

The Federal Reserve acknowledges the considerable efforts of Citigroup Inc. and Wells Fargo & Company to reach an accord regarding the acquisition of Wachovia Corporation.

Wells, Wachovia move forward with merger after Citigroup withdraws

The Minneapolis/St. Paul Business Journal (Free subscription) | yesterday

Wells Fargo has emerged victorious in its weeklong tug-of-war with Citigroup over Wachovia and will proceed with its $15 billion purchase of the troubled bank. (WFC) (WB)

• Wells Fargo, Wachovia move forward with merger - bizjournals
• Citigroup bows out of Wachovia purchase - The South Florida Business Journal
• See the 13 articles on the same subject

6040: Limited Interest.

MultiCultClassics (Free subscription) | 3 hours ago

Breaking the bank in a MultiCultClassics Monologue… • Well, Wells Fargo will acquire Wachovia, although Citigroup plans to sue for $60 billion. Um, Citigroup had intended to buy Wachovia for $2.1 billion. Talk about serious interest charges. It’s another reason to avoid Citigroup credit cards. • Conservative nutcase organization American Family Association ended its boycott of Mickey D’s after a company...

Citigroup gives up on acquiring Wachovia

City Pages - The Blotter (Free subscription) | yesterday

Citigroup announced yesterday that it ended talks with Wells Fargo about acquiring struggling banking giant Wachovia.

Citigroup drops bid to block Wachovia acquisition but will press damages claim

JURIST (Free subscription) | yesterday

[JURIST] Citigroup Inc. on Thursday announced that it would not seek to enjoin the acquisition of Wachovia Corp. by Wells Fargo & Co. but would pursue claims against both financial institutions for alleged breach of contract and tortious interference with contract. Citigroup's decision to abandon negotiations to acquire a substantial portion of Wachovia operations clears the way for the $15.4 billion...

• Citi pulls out of bid for Wachovia, will press damages - Times of India

Citigroup, Wachovia, and Wells Fargo: Round Three

TRUTH ON THE MARKET (Free subscription) | yesterday

For those who have missed it, Citigroup announced almost two weeks ago an agreement in principle with Wachovia to acquire for $2.1 billion Wachovia’s retail banking operations. Four days later, Wells Fargo jumped the deal, announcing a merger agreement signed by both boards for Wells Fargo to acquire all of Wachovia. This violated an Exclusivity [...]

Citigroup pulls out of talks for Wachovia

San Diego Union (Free subscription) | yesterday

NEW YORK – One of the biggest showdowns on Wall Street ended with a whimper yesterday when Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo, paving the way for a merger that would concentrate power within the American banking industry to just a few firms.

S&P, Moody's say Citigroup still on downgrade review

Market Watch (Free subscription) | yesterday

SAN FRANCISCO (MarketWatch) -- Standard & Poor's and Moody's said Friday that they will keep Citigroup Inc.'s ratings on review for a possible downgrade despite the bank's lost bid for Wachovia Corp. . "The CreditWatch Negative reflects our concerns about Citigroup's exposures to further losses on the market-disrupted assets and asset risk in its consumer loan portfolios in the U.S. Citigroup has...

Citigroup Steps Aside; Wells Fargo Buys Wachovia

findingDulcinea (Free subscription) | yesterday

Citigroup relinquished its bid for Wachovia, leaving Wells Fargo as the N.C. bank’s sole suitor. But Citigroup plans to press on with its lawsuit against Wells Fargo.