WASHINGTON (AP) - The Federal Reserve has approved Wells Fargo's $11.7 billion acquisition of Wachovia, removing the deal's last major regulatory hurdle.
The Fed's move comes after federal antitrust regulators also moved swiftly to back San Francisco-based Wells Fargo's deal to buy the Charlotte, North Carolina-based bank, approving it on Friday.
Citigroup walked away last week from its own efforts to buy Wachovia.
Wells Fargo has said it plans to complete the deal by the end of the fourth quarter. The acquisition still needs the approval of Wachovia shareholders.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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