Wachoviaand Wells Fargo & Co. that was announced earlier in theday. New York-based Citi says the proposal, which would supersedeits owndeal to buy Wachovia through an arrangement with the FDIC,constitutes a breach of agreement.
"Citi has substantial legal rights regarding Wachovia and thistransaction," the company stated shortly after the Wachovia-WellsFargo announcement Friday morning. Citi, which began promoting itsown merger with Wachovia earlier this week, added that it hasalready provided liquidity to Wachovia that prevents it fromtalking to anyone else.
Saturday night, Citi exercised those rights by obtaining anorder from a New York State Supreme Court judge blocking the dealbetween Wachovia and San Francisco-based Wells Fargo. Then afederal judge blocked the state order Sunday night, setting aTuesday hearing on the matter in a lower Manhattan courtroom.
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