/world business
(CNN) -- Wells Fargo's multi-billion-dollar acquisition of Wachovia Corp. was approved by the Federal Reserve Board on Sunday.
Citigroup, Inc. and Wells Fargo and Co. have been competing to purchase all or part of Wachovia for the past week.
The buyout must still be approved by Wells Fargo shareholders.
The deal, originally valued at $15.1 billion when it was announced on October 2, is now worth an estimated $11.1 billion as Wachovia shares have lost more than 25 percent in the recent stock selloff.
Banking giant Citigroup said Thursday it had ended talks with Wells Fargo about reaching an agreement to acquire parts of the struggling bank Wachovia and is no longer looking to buy any of Wachovia's assets.
Citigroup also said that it would not seek to block the merger agreement between Wells Fargo and Wachovia -- but that it would still seek damages from the two banks for breach of contract.
| Most Viewed | Most Emailed |
From the Blogs: 
Sit tight, we're getting to the good stuff
