Citi (C) and Wells Fargo (WFC) Battle For Wachovia, As Fed Pushes For a Compromise
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As the legal battle between Citi (NYSE: C) and Wells Fargo (NYSE: WFC) for the right to takeover Wachovia (NYSE: WB) heats up, pressure is coming from the federal government for the two sides to negotiate a solution, according to a report from the Wall Street Journal. According to the Journal, the Federal Reserve is pushing hard for a compromise which could split-up Wachovia between the two, with Citi getting Wachovia's branches in the northeast and mid-Atlantic regions and Wells Fargo taking those in the Southeast and California.
Saturday evening, Citi 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. But late Sunday, Wells Fargo said an appellate court has entered an order vacating Judge Ramos's order.
Unlike the original Citi deal, the new plans being discussed will not include any FDIC assistance. Wells Fargo's deal never included FDIC help.
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