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Senior executives of Citigroup are expected to meet Sunday to discuss a possible acquisition of Wachovia in what people close to the talks describe as advanced merger discussions between the two big banks, CNBC has learned.
Wachovia
Chuck Burton / AP
People with knowledge of the discussions say the talks could break down at any time; Citigroup's [C 20.15 0.74 (+3.81%) ] interest largely hinges on whether the firm will received federal help to buy Wachovia [WB 10.00 -3.70 (-27.01%) ], which has around $120 billion of bad debt on its balance sheet.
But if the feds lend a hand to help Citigroup dispose of these soured assets, people close to the firm say, that will make Wachovia an attractive takeover target.
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Wachovia
Chuck Burton / AP
People with knowledge of the discussions say the talks could break down at any time; Citigroup's [C 20.15 0.74 (+3.81%) ] interest largely hinges on whether the firm will received federal help to buy Wachovia [WB 10.00 -3.70 (-27.01%) ], which has around $120 billion of bad debt on its balance sheet.
But if the feds lend a hand to help Citigroup dispose of these soured assets, people close to the firm say, that will make Wachovia an attractive takeover target.
...