So much for Citigroup's government-brokered deal to acquire Wachovia's banking operations for about $2.2 billion. Just four days after that deal was announced, Wachovia and its legal advisers at Sullivan & Cromwell struck a deal under which Wells Fargo would acquire all of Wachovia for $15.1 billion. Reports indicate Citi is demanding Wachovia call off the deal. The FDIC is reviewing the deal, but Wells officials have said the agency has no role to play in approving it.
Sullivan, Wachtell on Disputed Wachovia-Citi Deal
The American Lawyer
October 3, 2008