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Wells buyout of Wachovia is cleared

October 11, 2008|From Times Wire Services

Federal antitrust regulators cleared Wells Fargo & Co.'s $11.7-billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank.

The rapid approval comes a day after New York-based Citigroup Inc. walked away from its own efforts to buy Wachovia. Late Thursday, Citigroup broke off talks with Wells Fargo and federal regulators after the suitors failed to reach an agreement over how to split up the bank.

San Francisco-based Wells Fargo & Co. said it would proceed with the purchase and planned to complete the deal by the end of the fourth quarter. The acquisition still needs the approval of Wachovia shareholders.

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