|
Wells Fargo Says Takeover Agreement With Wachovia Still Stands
2008-10-05
New York - Wells Fargo & Co. said nothing in a court order obtained by New York-based Citigroup Inc. derails the California bank's plans to acquire Wachovia Corp. ``Wells Fargo and Wachovia have a firm, binding merger agreement,'' the San Francisco-based bank said today in a Business Wire statement. ``That agreement represents a transaction that, in stark contrast to Citigroup's proposal'' benefits shareholders and taxpayers, the company said. Wachovia, based in Charlotte, North Carolina, earlier affirmed it plans to proceed. Citigroup, the biggest U.S. bank by assets, bid $2.16 billion last week for parts of Wachovia including the branch network, and Wells Fargo followed by offering $15 billion for the whole company, including the money-losing mortgage unit. Citigroup said a New York judge last night extended its sole right to negotiate with Wachovia. The order by New York State Supreme Court Judge Charles Ramos doesn't have ``any effect on the validity of the Wells Fargo agreement,'' Wachovia said in its own statement. ``The agreement is in the best interests of shareholders, employees, creditors and retirees as well as the American taxpayers.''
|
