Judge Blocks Wachovia Sale To Wells Fargo

By: AP
By: AP

(AP) The fight over control of Wachovia has intensified now that a New York judge has temporarily agreed to block the sale of the bank to Wells Fargo.

A Wachovia spokeswoman says the company feels the deal with Wells Fargo was not just proper and valid, but also "in the best interest of shareholders, employees and the American taxpayers."

On Monday, Citigroup announced a deal brokered with the help of the federal government to buy Wachovia's banking operations for more than $2 billion dollars. By Friday, Wells Fargo said it was buying Wachovia for almost $15 billion dollars.

Wachovia says Citigroup is free to make a better deal. Citigroup says it already has an exclusivity agreement that bars Wachovia from talking with other potential buyers.

The government says it stands behind its previously announced agreement with Citigroup.

© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 30494259 - wibw.com/a?a=30494259
Gray Television, Inc.