Citi walks out of Wachovia deal; paves way for Fargo

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New York, Oct 10: Citigroup has decided not to ask that the Wells Fargo-Wachovia merger be enjoined,” the statement said.

“We will redouble the focus on our five core businesses and continue to demonstrate strong capital and risk management supported by continuously improving expense control. We are committed to affirming Citi’s position as a leading global financial institution,” Pandit added.

Wachovia’s board approved Wells Fargo’s offer on October 2 Citigroup had then said, “Wachovia’s agreement to a transaction with Wells Fargo is in clear breach of an Exclusivity Agreement between Citi and Wachovia. In addition, Wells Fargo’s conduct constitutes tortious interference with the Exclusivity Agreement”.