That was the title of a post last Saturday.
In a surprise twist, the West Coast bank Wells Fargo & Company, said Friday that it had reached an agreement to acquire a rival, the Wachovia Corporation, for about $15.1 billion in stock.
The announcement came just four days after Citigroup had agreed to buy Wachovia’s banking operations of Wachovia for $2.2 billion of about $1 a share. But Wachovia, which is based in Charlotte, N.C., has now rejected that deal in favor of one where the entire company would be acquired.
It’s nice to see there is enough life in the financial markets that we have a bidding war of sorts for Wachovia.
For background, Wachovia and crack cocaine were mentioned in a post two days ago.