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Citi demands Wachovia, Wells Fargo terminate deal
(Reuters) - Citigroup Inc on Friday demanded that Wachovia Corp terminate its agreement to be bought buy Wells Fargo & Co, saying the deal breached its exclusivity agreement with Wachovia.
In a statement, Citigroup said Wells Fargo's conduct constituted "tortious interference with the exclusivity agreement."
Wells Fargo agreed to buy Wachovia for more than $16 billion, besting a U.S. government-backed Citigroup bid for some of its assets, in a deal that would catapult Wells Fargo to the top ranks of national consumer banks.
Citigroup said it had demanded that Wachovia and Wells Fargo terminate and not proceed with any proposed transaction.
