citigroup

Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo, but said it would continue to seek $60 billion in legal damages.

Citigroup said that it has ended discussions with Wells Fargo over a proposed carve-up of Wachovia, ending a detente in a heated battle to take over the troubled Charlotte bank.

Citigroup says it has ended negotiations with Wells Fargo in their fight to acquire Wachovia.

Wells Fargo emerged as the apparent victor in the battle for control of Wachovia Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.

Citigroup and Wells Fargo have agreed to extend their legal standstill in the fight for Wachovia until Friday morning.

A last-minute delay of Wells Fargo's bid to usurp Citigroup's claim on Wachovia was overturned on a technicality Sunday night, leaving the ailing bank free to puruse a rival offer.

In a complaint filed in New York Supreme Court, Citigroup seeks a total of $60 billion in damages from Wachovia and Wells Fargo and their directors.

Citigroup won a delay in court to save a government-backed takeover of the failing Wachovia, after Wells Fargo moved in with a more generous offer.

Citigroup said that it had persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia.

The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo, Citigroup announced in a news release.