How the Wachovia - Citi deal unraveled

Filings outline demise of Citi-Wachovia deal


The gone-sour deal to sell Wachovia Corp.’s banking operations to Citigroup Inc. began with a 5 a.m. phone call Wachovia’s Bob Steel made to Citigroup’s Vikram Pandit on Sept. 26.

The deal was sealed 71 hours later at 4 a.m. Sept. 29 when federal regulators told Citigroup its $2.16 billion offer had been accepted.

It was dead 92 hours later when Steel called Pandit at 2:15 a.m. Oct. 3 to say he was taking a $15.1 billion offer from Wells Fargo & Co.

Comment: Interesting stuff. 12/30/12 will be the 4 anniversary of Wells Fargo's acquisition of Wachovia

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