Battle continues for Wachovia

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The battle between Citigroup and Wells Fargo continues, and a federal judge’s decision on Sunday helps Wells Fargo’s case. Early last week, Citigroup had announced it would purchase Wachovia Corp.’s banking assets for $2.1 billion with assistance from the Federal Deposit Insurance Corp. Later in the week, Wells Fargo announced it had reached a deal to acquire all of Wachovia’s assets for $14.8 billion without any assistance from the federal government. But Citigroup said an exclusivity agreement prohibited Wachovia from considering other bids and took the issue to court. A federal judge’s decision on Sunday blocked a decision of a New York Supreme Court judge on Saturday that favored Citigroup. Another hearing is scheduled in federal court in Manhattan on Tuesday. (The Associated Press)

An accountant who owned a significant area of land in downtown Suffolk has sold most of it to two developers. The sale included 30 homes and 12 commercial properties, that Eric Menden and George Hranowskyj plan to renovate and rent out as Suffolk Property Development. (The Virginian-Pilot)

Some White Oak stores are opening this week. The Shoppes at White Oak Village in eastern Henrico County officially open next week, but some stores will open earlier. Ukrop’s Super Market and PetSmart will open Tuesday, Target on Wednesday, OfficeMax on Thursday and Lowe’s on Sunday. (Richmond Times-Dispatch)

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