Wachovia says it will press ahead with Wells deal

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Wachovia says it will press ahead with Wells deal

Story Published: Oct 5, 2008 at 1:49 PM EST

Story Updated: Oct 5, 2008 at 10:34 PM EST

NEW YORK (AP) - Despite a judge's order temporarily blocking the
deal, Wachovia Corporation says it's going ahead with an almost 15
billion dollar agreement to sell itself to Wells Fargo.

Wachovia says it doesn't think the judge's order ``has any effect on the validity'' of the deal.

Citigroup, which had an earlier agreement to buy Wachovia's banking operations for 2.1 billion, is trying to stop the buyout. It struck its deal with the help of the FDIC, which says it stands behind the arrangement.

A spokeswoman for Wachovia says the bank believes the agreement
with Wells Fargo to buy all of the company is ``in the best interest of shareholders, employees and the American taxpayers.'' She says Citigroup is free to make a better offer, if it wishes.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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