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by CareyBot

Wells Fargo & Co. is the new suitor for Wachovia Corp., today announcing a merger agreement worth about $15.1 billion -- but Citigroup Inc., the financial services company that had planned to buy Wachovia in a deal announced Monday, is crying foul. The Wells-Wachovia announcement is the latest in a series of power plays in the financial industry that have created a handful of mega banks -- the moves were largely precipitated by the one-two punch of exposure to bad loans and the credit crunch. Under the Wells-Wachovia agreement, Wells Fargo would acquire all outstanding shares of common stock for Wachovia in a stock-for-stock transaction and will acquire all of Wachovia's businesses, equity, debts and banking deposits. Wells reported that the deal was unanimously approved by b...