Citi (C) Gets Court Help To Stop Wachovia (WB) From Running
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Late Saturday, Citi (NYSE: C) announced it was granted emergency injunctive relief, by Justice Charles Ramos of the Supreme Court of the State of New York, extending the merger Exclusivity Agreement between Citi and Wachovia Corp. (NYSE: WB) until further order of the court.
The news follows the announcement by Wachovia on Friday that it entered into a competing merger agreement with Wells Fargo & Company (NYSE: WFC), which would value Wachovia shares at a premium to the FDIC-assisted Citi deal. The Citi deal only involves the banking subsidiaries of Wachovia. Wells Fargo would buy Wachovia in its entirety and complete the deal without FDIC assistance.
Under the Judicial Order, Citi and Wachovia must appear before Judge Ramos on Friday, October 10, 2008. Citi has made clear it is prepared to resume negotiating in good faith to complete the transaction contemplated by the agreement-in-principle that Citi and Wachovia announced on Monday, September 29, 2008.
Comments from the FDIC appear leaning toward the consummation of the Citi/Wachovia deal. In addition, Citi has been providing liquidity support to Wachovia since the day of the original September 29th merger announcement.
Citi said it remains willing to enter into an agreement with Wachovia which Citi believes would deliver powerful capabilities of the two entities to their respective stakeholders.
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