Wachovia Says Court Order Doesn’t Invalidate Wells Fargo Bid

By Rick Green

Oct. 5 (Bloomberg) — Wachovia Corp., the North Carolina bank that’s received bids from two suitors, said a court order preserving Citigroup Inc.’s exclusive right to negotiate hasn’t derailed a higher offer from Wells Fargo & Co.

The order by New York State Supreme Court Judge Charles Ramos yesterday doesn’t have “any effect on the validity of the Wells Fargo agreement,” Charlotte-based Wachovia said today in a statement distributed by PR Newswire, adding that the latter deal requires no government assistance. “The agreement is in the best interests of shareholders, employees, creditors and retirees as well as the American taxpayers.”

Citigroup, the biggest U.S. bank by assets, is bidding for Wachovia while trying to rebuild after losses tied to the collapse of mortgage markets. The New York-based bank wants to buy parts of Wachovia for about $2.16 billion, and San Francisco-based Wells Fargo is offering about $15 billion for the whole company.

Last Updated: October 5, 2008 13:44 EDT

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