- Brit woman turns her back on lawyer's career to make easy money as hooker
- Ride-on lawnmowers land thousands of people in hospital every year
- Cat endures 3,000-mile sea journey from Egypt to UK in shipping container!
- Brit woman marries again after losing 10 stone for perfect wedding pics!
- Musharraf enjoys world powers' sympathies, trial doubtful: Baloch leaders
- As in 2005, PM the driving force for finalising nuke deal with US in 2009
US Fed agrees to Wachovia takeover by Wells Fargo
Washington, Oct 13 (DPA) The US Federal Reserve Bank has approved the takeover of ailing Wachovia Corp by Wells Fargo and Co of San Francisco.
The Fed publicized the decision in an unusual Sunday afternoon announcement, in a move likely to be timed to ease fears on the global financial markets.
Wells Fargo, which battled New York-based Citigroup for ownership of the forth-largest US bank, will take ownership of Wachovia by a share swap deal worth 15 billion dollars, propelling itself to the top of the US market for non-corporate clients.
-
E-mail Article 
Printer Friendly
Text-Size 
Charlotte, North Carolina-based Wachovia, is one of the many victims of the financial crisis, holding large portfolios of toxic mortgages and is poised to suffer further losses.
Wachovia has about 3,300 outlets, mainly on the eastern coast and in Midwest states.
The Fed's approval for the deal was widely expected after Citigroup's pullout Thursday.
US frustrated by slow progress on the shipment of nukes.
US to pull back troops from Iraq, Bush threatens to veto the bill.
Choose between Iran and US: US lawmakers to India.
Indo-US nuclear deal talks resume from Tuesday.
US-Iran ready for talks; situation in Iraq as the main agenda.