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Sunday, October 05, 2008

Citigroup Obtains Temporary Court Order Blocking Wells Fargo

by Calculated Risk on 10/05/2008 09:29:00 AM

Press Release: Citi Granted Emergency Injunctive Relief Extending Exclusivity Agreement between Citi and Wachovia

Citi tonight was granted emergency injunctive relief extending the Exclusivity Agreement between Citi and Wachovia Corp. until further order of the court. This relief was granted over the objection of Wachovia. Justice Charles Ramos of the Supreme Court of the State of New York issued the order.

Citi is prepared to continue negotiations with Wachovia on the parties’ previously agreed-to transaction.

As indicated by Citi in court filings, the Exclusivity Agreement, while in effect, unconditionally bars Wachovia from negotiating or entering into a merger/acquisition agreement with any party other than Citi.

Under the Judicial Order, Citi and Wachovia must appear before Judge Ramos on Friday, October 10, 2008.
This adds a little suspense , but I think Wells Fargo is the better fit.