Wells Fargo acquisition cleared by feds
Federal antitrust regulators say they have cleared Wells Fargo's $11.7 billion acquisition of troubled bank Wachovia Corp, according to the Associated Press.
Read the full report after the jump.
The rapid approval comes a day after Citigroup Inc. walked away from its own efforts to buy Charlotte, N.C.-based Wachovia.
Wells Fargo & Co. said Thursday that it would proceed with the purchase.
The Federal Trade Commission included the deal on a list of transactions released Friday that received an "early termination" of their antitrust reviews.
Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.