Citigroup drops Wachovia bid

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Citigroup announced it would end its bid for Wachovia, paving the way for Wells Fargo to purchase all of Wachovia for $15 billion. Other than E*Trade, Wachovia has more deposits in Virginia than any other bank. Citigroup says it will continue with a $60 billion lawsuit from Wachovia and Wells Fargo for making the deal after Wachovia had entered into an exclusive agreement with Citigroup. (The Washington Post)

Gov. Timothy M. Kaine announced that Jenmar of East Virginia Inc. will spend $2.65 million to expand its Giles County plant, creating 50 new jobs. The plant manufactures steel-related roof control products for the mining and construction industry. (News release)

The U.S. government is finalizing a plan to inject cash into U.S. banks in exchange for some ownership stakes. The Treasury Department believes it has the power to invest in the banks under the $700 billion bailout plan. The federal government has not decided how many banks it invest in or timeframe of the plan. (The Washington Post

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