Reports: Wachovia in talks with potential buyers
NEW YORK — At least two major banks are reportedly in talks to buy Charlotte-based Wachovia, the latest U.S. bank to be the focus of investor anxiety over mounting losses.
The New York Times reports that Citigroup and Wells Fargo are bidding in a possible emergency takeover of Wachovia.
The Wall Street Journal also listed Spain’s Banco Santander as a possible bidder. Both newspapers cited people familiar with the talks who they did not name.
Wachovia spokeswoman Christy Phillips-Brown would not talk about the reports. Neither would Citigroup spokeswoman Christina Pretto. Wells Fargo spokesmen could not be immediately reached for comment.
Wachovia’s shares fell 27 percent in regular-session trading Friday, and dropped another 15 percent in after-hours dealings to end the week at $8.50.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Leave a Reply