Citigroup Inc. of New York has ended negotiations with Wells Fargo & Co. of San Francisco over the Wachovia transaction, according to a statement by Citigroup released early this evening.
“We're walking away. We're ending negotiations,” said Citigroup spokeswoman Christina Pretto.
Citigroup and Wells Fargo were in talks over how to divide up the assets of struggling Wachovia Corp. of Charlotte, N.C.
Wells Fargo spokeswoman Julia Tunis Bernard had no immediate comment when asked if Wells Fargo still planned to pursue a purchase of Wachovia, including Wachovia Securities LLC of St. Louis.
In its statement, Citigroup said it “remains willing to complete” the transaction, apparently referring to its original offer for Wachovia's banking assets.
Citigroup said it would pursue litigation against Wachovia, but that it would not seek to have the Wells Fargo-Wachovia merger enjoined.
On Saturday, Citigroup filed a $60 billion lawsuit against Wells Fargo in a New York state court.
A spokeswoman for Citigroup was not immediately available.
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