by Calculated Risk on 10/09/2008 05:49:00 PM

From the WSJ: Text of Citi Statement on Wachovia Deal

Citi announced today that it had reached no agreement with Wells Fargo following several days of discussions about matters related to Wachovia. The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement.
...
Citi believes that it has strong legal claims against Wachovia, Wells Fargo and their officers, directors, advisors and others for breach of contract and for tortious interference with contract. Citigroup plans to pursue these damage claims vigorously on behalf of its shareholders. However, Citigroup has decided not to ask that the Wells Fargo-Wachovia merger be enjoined.

The key points are: the negotiation is over, Citi will not try to stop the Wells acquisition of Wachovia, and Citi will pursue damages.