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Published on Friday, October 10, 2008
By LA Daily News Staff Writer
NEW YORK - Federal antitrust regulators on Friday cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank.
The rapid approval comes a day after Citigroup Inc. walked away from its own efforts to buy Wachovia. Late Thursday, Citigroup broke off talks with Wells Fargo and federal regulators after the suitors failed to reach an agreement over how to split up the bank.
San Francisco-based Wells Fargo and Co. said Thursday it would proceed with the purchase and plans to complete the deal by the end of the fourth quarter. The acquisition still needs the approval of Wachovia shareholders.
The Federal Trade Commission included the deal on a list of transactions released Friday that received an "early termination" of their antitrust reviews. Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law
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