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Updated from 9:47 a.m. EDT
Wells Fargo (WFC Quote) said Friday it has reached a definitive agreement to acquire Wachovia (WB Quote) for $15.1 billion, but Citigroup (C Quote), was threatening legal action to preserve a federally backed deal it had reached Monday .
In a statement Friday, Wells Fargo and Wachovia said the transaction requires no financial assistance from the Federal Deposit Insurance Corp. or any other government agency.
Just days ago, Citigroup reached an arrangement to purchase all of the banking subsidiaries of Wachovia for around $2.2 billion, but the deal was being done with aid from the FDIC. ...
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