Just days after Citigroup CEO Vikram Pandit was gloating about picking up the banking business of Wachovia Corporation with the blessings and support of the U.S. government, Wells Fargo seems to have snatched the prize away.
The Wachovia board has approved Wells Fargo’s offer of $15.1 billion ($7 per Wachovia share), which does not require government support unlike the Citigroup deal.
We can understand Pandit’s anger. After all, he was going to get Wachovia’s banking business on the cheap with Citigroup paying just $2.16 billion.Â
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Vikram Pandit
Mighty Pissed?
Any surprise then that Vikram Pandit a.k.a. desi butcher is frothing at the mouth.
The Wells Fargo deal is a better deal for Wachovia shareholders and Continue reading »
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