Wachovia Fight Ends With the Right Winner

Wachovia (WB Quote) has probably gotten its best possible outcome now that Citigroup (C Quote) has decided to walk away from its bid and let Wells Fargo (WFC Quote) go through with its merger.

Wells Fargo's $15 billion proposal, announced a week ago, is clearly the better deal for Wachovia shareholders, employees and U.S. taxpayers, but Citi's planned legal action has put somewhat of a damper on the fate of the troubled North Carolina bank.

But in the end, even with Wells Fargo's unorthodox counteroffer, the best bank for the transaction won out. (For more on this, see Jilted Citi Needs to Move On.) ...