Thursday, October 9, 2008
Sunday, October 5, 2008
Citigroup Says Judge Suspends Wachovia Deal
By ERIC DASH and JONATHAN D. GLATER
Published: October 5, 2008
Citigroup announced late Saturday that it had persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia, firing the first shot in what could be a prolonged legal battle.
Text of Judge’s Order (pdf)
Citigroup has accused Wells Fargo of wrecking its plan to acquire Wachovia’s banking operations for $2.2 billion, or $1 a share, in a deal arranged by the Federal Deposit Insurance Corporation. Four days after that deal was struck, it fell apart when Wachovia agreed to Wells Fargo’s offer to pay seven times as much for the entire company.
The underlying battle is over which company will emerge from the economic crisis in a stronger position among a smaller number of financial giants. Citigroup contends that the deal with Wells Fargo violates an agreement that prohibited Wachovia from having any sale or merger discussions with anyone other than Citigroup until Oct. 6.
The order issued by a judge on Saturday extends the term of that agreement until further court action, Citigroup said. A person briefed on the situation said that Citigroup was seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction.
more
Published: October 5, 2008
Citigroup announced late Saturday that it had persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia, firing the first shot in what could be a prolonged legal battle.
Text of Judge’s Order (pdf)
Citigroup has accused Wells Fargo of wrecking its plan to acquire Wachovia’s banking operations for $2.2 billion, or $1 a share, in a deal arranged by the Federal Deposit Insurance Corporation. Four days after that deal was struck, it fell apart when Wachovia agreed to Wells Fargo’s offer to pay seven times as much for the entire company.
The underlying battle is over which company will emerge from the economic crisis in a stronger position among a smaller number of financial giants. Citigroup contends that the deal with Wells Fargo violates an agreement that prohibited Wachovia from having any sale or merger discussions with anyone other than Citigroup until Oct. 6.
The order issued by a judge on Saturday extends the term of that agreement until further court action, Citigroup said. A person briefed on the situation said that Citigroup was seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction.
more
Wednesday, October 1, 2008
Nuclear Suppliers Group Statement on Civil Nuclear Cooperation with India
The Frontline, Volume 25 - Issue 20 :: Sep. 27-Oct. 10, 2008
Statement on Civil Nuclear Cooperation with India
1. At the ... Plenary meeting on ... the Participating Governments of the Nuclear Suppliers Group decided that they:
a. Desire to contribute to the effectiveness and integrity of the global nonproliferation regime, and to the widest possible implementation of the provisions and objectives of the Treaty on the Non-Proliferation of Nuclear Weapons;
b. Seek to avert the further spread of nuclear weapons;
c. Wish to pursue mechanisms to affect positively the nonproliferation commitments and actions of all states;
d. Seek to promote fundamental principles of safeguards and export controls for nuclear transfers for peaceful purposes; and
more
e. Note the energy needs of India.
2. Participating Governments have taken note of steps that India has voluntarily taken with respect to the following commitments and actions:
a. Deciding to separate civilian nuclear facilities in a phased manner and to file a declaration regarding its civilian nuclear facilities with the IAEA, in accordance with its Separation Plan (circulated as INFCIRC/731);
Statement on Civil Nuclear Cooperation with India
1. At the ... Plenary meeting on ... the Participating Governments of the Nuclear Suppliers Group decided that they:
a. Desire to contribute to the effectiveness and integrity of the global nonproliferation regime, and to the widest possible implementation of the provisions and objectives of the Treaty on the Non-Proliferation of Nuclear Weapons;
b. Seek to avert the further spread of nuclear weapons;
c. Wish to pursue mechanisms to affect positively the nonproliferation commitments and actions of all states;
d. Seek to promote fundamental principles of safeguards and export controls for nuclear transfers for peaceful purposes; and
more
e. Note the energy needs of India.
2. Participating Governments have taken note of steps that India has voluntarily taken with respect to the following commitments and actions:
a. Deciding to separate civilian nuclear facilities in a phased manner and to file a declaration regarding its civilian nuclear facilities with the IAEA, in accordance with its Separation Plan (circulated as INFCIRC/731);
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