Wells Fargo made an offer to purchase Wachovia Bank for $15 billion on October 3, 2008.Bloomberg: Citigroup Says Court Orders Continued... (October 5, 2008) The purchase came as a surprise; earlier in the week, Wachovia had tentatively agreed to a $2.2 billion purchase by Citigroup. The sale of Wachovia to Wells Fargo was temporarily halted by a New York judge on October 4, 2008, pending legal proceedings. Citigroup alleges a breach of contract and is suing Wells Fargo for $60 billion in damages.NY Times: Citigroup Says Judge Suspends Wachovia Deal (October 4, 2008) On October 9, Citigroup ended all negotiations to purchase Wells FargoBusiness Week: Movers, Citigroup, Wachovia (October 10, 2008) Wells Fargo then closed the deal to purchase Wachovia for $11.7 billion dollars.Bloomberg: Wells Fargo Gains... (October 10, 2008)
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Citigroup claims it has "exclusivity agreement' with Wachovia that supercededs Wells Fargo's dealBloomberg: Citigroup Says Court Orders Continued... (October 5, 2008)
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