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Fed clears Wachovia's bank take over over
however, wells fargo later made a rival bid of $15bn in an all-stock deal to buy all of wachovia, stressing its proposal involved no government intervention or taxpayer risk . danager wachovia, the fourth largest us bank, hard be en in danger of failured after its share price fell by more than 70% . wells fargo will continue working towards the completion of its firm, binding merger agreement with wachovia corporation . however, a compromise deal involving both suitors is still a possibility . the officer also coverrule, stroubled $42bn of wachovia's $312bn losses, with the us federal deposit insurance corporation absorbing the rest . us financial giant citigroup says it will not seek to bar wells fargo from taking over troubled bank wachovia . Generated 2008-10-21_9:55
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