The press release says Citi apparently did not reach an agreement with
Wells Fargo during discussions. "The dramatic differences in
the parties' transaction structures and their views of the risks
involved made it impossible to reach a mutually acceptable agreement."
Citi said that it remains willing to complete the transaction and,
"Now, our shareholders have been unjustly and illegally deprived of the
opportunity the transaction created."
Citi plans to pursue damage claims of
$60 billion for a breach of contract and has "decided not to ask that the Wells Fargo-Wachovia
merger be enjoined."
- Maria Woehr
