Wachovia's Fate Undecided
After Citigroup announced on Sept. 29 that it had agreed to pay $2.16 billion for the banking operations of Wachovia Corp., Wells Fargo extended a $15.1 billion offer for all of Wachovia. Citi filed a $60 billion lawsuit against Wachovia and Wells Fargo for breach of an exclusivity agreement, and said Wachovia would have failed on Sept. 30 if Citi hadn't responded a request from the federal government to intervene. Federal authorities brokered a moratorium on legal action this week, during which Citi was reported to be in discussion with potential partners to join its bid for Wachovia. Analysts and others speculated that Wells and Citi may reach an agreement to divide Wachovia.

Source: Laurie Kulkiowski, TheStreet.com, 10/08/08
http://www.thestreet.com/story/10441277/1/citi-seeks-partners-in-wachovia-bid-report.html?puc=googlefi&cm_ven=GOOGLEFI&cm_cat=FREE&cm_ite=NA