by Calculated Risk on 9/29/2008 07:55:00 AM

From the NY Times Dealbook: Citigroup Nears a Deal for Wachovia

Citigroup executives are meeting to complete the deal Monday morning, people briefed on the matter said, cautioning that the talks could unravel. Wells Fargo, which had also been in talks with Wachovia, could also revive its bid.
...
Citigroup worked feverishly to cement a deal on Sunday night, with the discussions moving past the midnight hour, according to a person briefed on the talks. Officials from the F.D.I.C. and Treasury Department stayed up late to try to get the transaction done.

The NY Times suggests the price would be at best "a few dollars per share" for Wachovia. Meanwhile, Wachovia's share price is cliff diving this morning off over 60% from Friday's closing price.