Looks like these two banks are heading to court for Wachovia. One believes they should have it over the other. Here is a short clip from the article.
NEW YORK (AP) _ The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank to Wells Fargo, Citigroup announced in a news release.
State Supreme Court Justice Charles Ramos issued the order blocking the sale of Wachovia Corp., which Wells Fargo & Co. had agreed to purchase in a $14.8 billion deal.
Citigroup Inc. accused Wells Fargo of trying to cut off its earlier takeover offer of Wachovia's banking operations for $2.1 billion in a deal struck with the assistance of the Federal Deposit Insurance Corp. On Friday, four days after that deal was struck, Wells Fargo said it was buying Wachovia.
The litigation pits two of the largest remaining financial institutions against one another as the ongoing credit crisis leads the federal government to arrange marriages and sales among banking entities.
To see the whole article you can go here. To think this was a done deal. Looks like we are going to have to wait and see who comes out on top.
How can Citibank buy it for $2 billion if Wells fargo wants to pay $14 billion. are more games being played on wall street with the FDIC?
Appraentely citigroup already had a deal on the table for 2 billion when wells fargo wanted to buy it for much more. But a contract was already in place. Guess wachovia is playing with both banks.
Jeannette, GET OUT OF TOWN! OMG, this is getting worse by the minute. Now our government wants to step in and have final decision on "who gets to purchase?"
This is just amazing to me. Thanks for the update...ugh.
Later in the rain~Deb
Interesting turn of events. I guess not all the assests are toxic. Either way i would not want to be working for Wacovia right now. Thanks for the post
Yea apparently contracts don't mean anything anymore. And to think I thought that thought process was only prevalent in Real Estate. This is going to be a fun process to watch play out.
Deb Yup its happening! It just went up on the message board for our paper and I almost had a heat attack!
Charile Interesting events indeed!
Mike I guess the contract mean nothing to them, almost how sellers and buyers think.
I think that is funny, let the greed roll in.
Interesting events. How can this be when a contract was already in place? It's going to be fun to see how this plays out.
Very interesting, indeed. Wow... a pissing match over contracts... I can't wait to see where this goes.
Interesting turn, and the plot thickens on the US Financial Soap Opera. I cant wait to see the outcome of this case.
Thanks for the update. I had not heard what was going on. Last time I heard Wells stepped in and wanted Wachoiva.