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Washington - US banking giant Citigroup said on Friday that a Wells Fargo deal to buy rival Wachovia was a "breach" of Citi's exclusive acquisition rights.
"Wachovia's agreement to a transaction with Wells Fargo is in clear breach of an exclusivity agreement between Citi and Wachovia," Citigroup said in a statement.
"Citi was negotiating in good faith and (had) nearly completed the definitive agreements required to consummate the Citi/Wachovia transaction that was announced on Monday," the bank said.
"Citi has demanded that Wachovia and Wells Fargo terminate and not proceed with any proposed transaction."
California-based Wells Fargo said Friday it had agreed to buy Wachovia for $15.1bn in stock, ending a government-backed plan for Citigroup to take over Wachovia's banking operations.
Wells Fargo and Wachovia "signed a definitive agreement for the merger of the two companies" without government assistance, the two firms said in a statement.
- AFP