Citi says Wachovia-Wells Fargo bid breaches exclusivity pact
10:45a ET October 3, 2008 (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. said Friday that a proposed bid for Wachovia Corp. by Wells Fargo & Co. violates an exclusivity agreement that Citi had with Wachovia. "Wells Fargo's conduct constitutes tortious interference with the Exclusivity Agreement," Citi said in a statement. Citigroup demanded that Wachovia and Wells Fargo abandon a $15 billion stock swap deal that was announced earlier in the day. Citi said it "has substantial legal rights regarding Wachovia and this transaction."
10:45a ET October 3, 2008 (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Citigroup Inc. said Friday that a proposed bid for Wachovia Corp. by Wells Fargo & Co. violates an exclusivity agreement that Citi had with Wachovia. "Wells Fargo's conduct constitutes tortious interference with the Exclusivity Agreement," Citi said in a statement. Citigroup demanded that Wachovia and Wells Fargo abandon a $15 billion stock swap deal that was announced earlier in the day. Citi said it "has substantial legal rights regarding Wachovia and this transaction."
