The Real Deal Miami

Wells Fargo moves closer in Wachovia acquisition

October 06, 2008 12:36PM

The Appellate Division of the State Supreme Court threw out an order issued Saturday that would have extended the time under which Wachovia and Citigroup had to complete their deal, tilting the battle of control over the bank to Wells Fargo. Wachovia also asked a U.S. district judge to declare parts of the Citigroup deal invalid that would have restricted Wachovia from considering other bids. Analysts warn that a prolonged battle over the takeover could cause more stress on the nation’s financial system.