This morning it was announced that an agreement had been reached for Wells Fargo to acquire Wachovia.
Earlier this week, Citigroup had a supposed deal to buy Wachovia’s banking operations. The first announcement brought questions, concerns and uncertainty to Charlotte NC, not to mention Wachovia’s employees.
Now with the latest turn of events, apparently not one but two buyers want Wachovia since Citi is stating it’s intent to challenge the Wells Fargo deal.
I’m by no means an expert in mergers, acquisitions or corporate sales but it will be quite interesting to see how this all plays out – did Citi have a binding agreement with Wachovia? MSNBC’s write-up is featured here.
The proposed deal with Citi required assistance from the FDIC while the Wells Fargo deal apparently does not. Will the “bailout” plan passed this afternoon change anything with regard to these three players?
As a Charlotte resident watching this unfold, (and from a real estate broker’s perspective) I must say it seems as though Wachovia is a pretty attractive product: multiple offers and buyers are a seller’s dream!
For a week that started with a dark cloud of uncertainty in Charlotte NC, it’s ended in a way that on Monday may have seemed if not impossible at least highly unlikely.
While as of now there’s still no definite resolution or way to discern the impact on Charlotte NC, the path from Wachovia to some new organization looks to be anything but dull.
Copyright©2008 by Diane McDermott, All Rights Reserved, “The Wachovia Sale Just Got More Interesting in Charlotte, NC”