Wachovia To Be Acquired by Wells Fargo

Previous plans to sell banking operators to Citigroup are off the table

In an abrupt change of course, Wachovia (B) said Friday it will be acquired by Wells Fargo & Co. (WFC) in a $15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup. A key difference is that the Wachovia deal will be done without government assistance, while the Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp.

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