Wells Fargo & Co. has won the battle for Wachovia Corp.
Citigroup Inc. has withdrawn from negotiations brokered by federal regulators that sought a compromise to the competing bids from Wells and Citigroup. Wachovia's brokerage business is in St. Louis and employs 4,800 people.
The issue is likely to go to court. But New York-based Citigroup (NYSE:C) says it will no longer seek to block Wells’ proposed $15.1 billion purchase of Wachovia.
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