China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Citi seeks potential partners in bid for Wachovia: report
(Reuters) - Citigroup Inc (C.N) is looking for potential partners in its bid for Wachovia Corp WB.N, seeking to wrest the upper hand from Wachovia's other suitor Wells Fargo & Co (WFC.N), the Wall Street Journal said, citing people familiar with the matter.
Citigroup's goal is to win a bigger share of Wachovia's deposits, but not to take over the entire company, one person told the paper.
Citigroup was trying on Tuesday to line up other companies, including non-banks, to join its bid but it was not clear who the bank had approached or how such an alliance would be structured, the paper added.
A spokesman from Citigroup declined to comment.
Wells Fargo and Citigroup are locked in an intense battle for Wachovia, a bank that has been hobbled by the mortgage crisis, but has a large network of branches.
Wells Fargo was likely to get about 75 to 80 percent of Wachovia's deposits, while Citigroup was likely to get the remainder, a person briefed on the matter had told Reuters on Tuesday.
(Reporting by Savio D'Souza in Bangalore; Editing by Anshuman Daga/Hans Peters)
