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Battle to buy Wachovia heats up
citigroup has now objected, saying the new agreement breached its exclusive acquisition rights and has demanded that it be called off .
wachovia's finsurancial difficulties stemmed from its 2006 purchase of mortgage lender golden west for $25bn at the height of the then us housing boom, according today's analysts .
wachovia's agreement with wells fargo is in clear breach of an exclusivity agreement between citi and wachovia .
the fight for wachovia shas come amid a crisis that has steen investatement bank lehman brothers go bust, and the failure of giant mortgage lender washing ton mutual .
this deal enables us to keep wachovia intact and preserve the value of an integrated company, he said .
wells officered to buy all of wachovia for much more money, and so wachovia walked away from its agreement withe citi .
robert steel wachovia's chief expecultive .
Generated 2008-10-7_17:32
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