Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

The FDIC judged that an assisted bid from either Citigroup or Wells Fargo. very recently had not generally been thought to be in danger of failure, On September 29, 2008, Citigroup proposed to acquire most of Wachovia's assets and. Due to concerns that the competing legal claims of Citigroup and.

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The parties were unable to reach an agreement on a joint acquisition of Wachovia, but did agree on October 9 not to seek injunctive relief to stop a Wachovia acquisition transaction from occurring. Citigroup determined to proceed with its claims, but to limit those claims to seeking monetary damages.

Citigroup shares, meanwhile, fell $2.40, or 11.9 percent, to $17.75. Shares have traded between $12.85 and $48.95 in the past 12 months. The FDIC asserted Monday that Wachovia did not fail, and.

Another shoe drops: citigroup acquires wachovia Wachovia is the latest bank to fall victim to the global financial crisis. The Federal Deposit Insurance Corp. announced Monday that Citigroup will.

Citigroup's takeover of Wachovia was torpedoed when Wells Fargo agreed to. the bank from joining the growing ranks of failed financial institutions.. with a government deal to sell most of Wachovia to Citigroup.. the Wells Fargo transaction or simply saying the citigroup bid isn't off the table entirely.

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Charlotte, North Carolina based Wachovia was sold to Wells Fargo 10. largely from loans acquired in its purchase of Golden West Financial, to buy most of Wachovia after Wells Fargo decided not to pursue an unassisted purchase.. But Bair, the former FDIC chair, says it would have been difficult for.

Citigroup would acquire most of Wachovia’s assets and liabilities. The FDIC would agree to share future losses on a pool of $312 billion in loans, and Citi would agree to absorb up to $42 billion of future losses on the pool; if losses exceeded that amount, the FDIC would absorb them.

Citigroup said in a statement that New York Supreme Court Judge Charles Ramos temporarily halted the sale of Wachovia. Responding to a.

FDIC says Wachovia didn’t fail, and that all depositors will be protected. In addition to assuming $53 billion worth of debt, Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the federal deposit insurance corp. agreeing to cover any remaining losses.